Canada Pension Plan Investment Board Purchases 99,799 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canada Pension Plan Investment Board grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 65.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 253,379 shares of the company’s stock after acquiring an additional 99,799 shares during the quarter. Canada Pension Plan Investment Board owned about 0.06% of Otis Worldwide worth $25,153,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new position in Otis Worldwide in the fourth quarter worth $27,000. LifeSteps Financial Inc. purchased a new position in Otis Worldwide in the first quarter worth $31,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter worth $28,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide in the fourth quarter worth $35,000. Finally, Accent Capital Management LLC purchased a new position in Otis Worldwide in the fourth quarter worth $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.45 on Friday, hitting $93.48. The company’s stock had a trading volume of 2,466,089 shares, compared to its average volume of 2,440,455. The company has a 50-day simple moving average of $97.19 and a 200 day simple moving average of $95.02. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The company has a market capitalization of $37.80 billion, a PE ratio of 27.02 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter last year, the firm posted $0.92 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $98.83.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

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.