Bank of Montreal Can Purchases 28,436 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bank of Montreal Can boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 7.5% in the third quarter, HoldingsChannel.com reports. The firm owned 409,792 shares of the company’s stock after acquiring an additional 28,436 shares during the period. Bank of Montreal Can’s holdings in Otis Worldwide were worth $42,795,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of OTIS. Janus Henderson Group PLC increased its holdings in Otis Worldwide by 4.2% in the 1st quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after buying an additional 3,590 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in Otis Worldwide by 15.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock worth $799,000 after purchasing an additional 1,068 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Otis Worldwide by 49.5% during the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock valued at $2,509,000 after buying an additional 8,356 shares in the last quarter. Hancock Whitney Corp lifted its position in shares of Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares in the last quarter. Finally, iA Global Asset Management Inc. lifted its position in shares of Otis Worldwide by 33.5% during the 1st quarter. iA Global Asset Management Inc. now owns 13,702 shares of the company’s stock valued at $1,360,000 after buying an additional 3,438 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5 %

OTIS stock opened at $102.52 on Friday. The business has a 50 day moving average price of $101.63 and a 200 day moving average price of $97.73. The stock has a market cap of $40.95 billion, a price-to-earnings ratio of 25.57 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.57.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.