The Manufacturers Life Insurance Company Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

The Manufacturers Life Insurance Company lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 636,197 shares of the company’s stock after selling 23,695 shares during the quarter. The Manufacturers Life Insurance Company owned 0.16% of Otis Worldwide worth $66,126,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in OTIS. PineStone Asset Management Inc. increased its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp boosted its stake in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP raised its stake in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

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 value of $909,180.00. Following the sale, the executive vice president now directly 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group began 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. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Price Performance

OTIS opened at $102.52 on Thursday. The firm has a market capitalization of $40.95 billion, a price-to-earnings ratio of 25.57 and a beta of 1.04. Otis Worldwide Co. has a one year low of $83.99 and a one year high of $106.33. The business has a 50 day simple moving average of $101.63 and a two-hundred day simple moving average of $97.73.

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

Otis Worldwide Dividend Announcement

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

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.