Impax Asset Management Group plc Reduces Holdings in Otis Worldwide Co. (NYSE:OTIS)

Impax Asset Management Group plc lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,296 shares of the company’s stock after selling 6,202 shares during the period. Impax Asset Management Group plc’s holdings in Otis Worldwide were worth $11,568,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Lifeworks Advisors LLC raised its stake in shares of Otis Worldwide by 16.3% during the third quarter. Lifeworks Advisors LLC now owns 44,005 shares of the company’s stock valued at $4,574,000 after purchasing an additional 6,152 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Otis Worldwide by 3.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,993 shares of the company’s stock valued at $1,039,000 after purchasing an additional 314 shares during the period. Snider Financial Group increased its stake in shares of Otis Worldwide by 11.8% in the third quarter. Snider Financial Group now owns 18,358 shares of the company’s stock worth $1,908,000 after buying an additional 1,931 shares during the last quarter. Huntington National Bank increased its stake in shares of Otis Worldwide by 3.7% in the third quarter. Huntington National Bank now owns 19,577 shares of the company’s stock worth $2,035,000 after buying an additional 699 shares during the last quarter. Finally, ICICI Prudential Asset Management Co Ltd bought a new stake in shares of Otis Worldwide in the third quarter worth $2,141,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday. They issued a “neutral” rating and a $113.00 price target for the company. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.57.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $99.10 on Friday. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The firm has a fifty day moving average price of $100.41 and a two-hundred day moving average price of $97.27. The firm has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 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.