Canada Pension Plan Investment Board Purchases 20,593 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canada Pension Plan Investment Board raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 273,972 shares of the company’s stock after purchasing an additional 20,593 shares during the period. Canada Pension Plan Investment Board owned about 0.07% of Otis Worldwide worth $26,373,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in OTIS. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Jamison Private Wealth Management Inc. boosted its position in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the period. Hantz Financial Services Inc. bought a new position in shares of Otis Worldwide in the 2nd quarter worth $29,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide during the 1st quarter worth $31,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on OTIS shares. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $100.00.

Otis Worldwide Stock Down 0.9 %

Shares of Otis Worldwide stock opened at $95.52 on Monday. The firm has a market capitalization of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The company has a 50 day moving average price of $94.23 and a 200 day moving average price of $95.93.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 earnings per share. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

About Otis Worldwide

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.