National Bank of Canada FI Has $21.92 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Apr 3rd, 2023

National Bank of Canada FI lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 15.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 279,952 shares of the company’s stock after selling 50,501 shares during the period. National Bank of Canada FI owned approximately 0.07% of Otis Worldwide worth $21,922,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in OTIS. American Century Companies Inc. lifted its position in shares of Otis Worldwide by 8.6% during the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after buying an additional 620 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Otis Worldwide by 3.0% during the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after buying an additional 338 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Otis Worldwide by 7.7% during the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after buying an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Otis Worldwide by 25.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after buying an additional 715 shares in the last quarter. Finally, Brighton Jones LLC lifted its position in shares of Otis Worldwide by 5.0% during the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Activity

In other news, insider Fernandez Bernardo Calleja sold 703 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $86.85, for a total transaction of $61,055.55. Following the completion of the transaction, the insider now directly owns 22,215 shares in the company, valued at approximately $1,929,372.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider James F. Cramer sold 700 shares of the business’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $83.97, for a total transaction of $58,779.00. Following the completion of the transaction, the insider now directly owns 5,037 shares in the company, valued at approximately $422,956.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fernandez Bernardo Calleja sold 703 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $86.85, for a total transaction of $61,055.55. Following the transaction, the insider now owns 22,215 shares of the company’s stock, valued at $1,929,372.75. The disclosure for this sale can be found here. Insiders sold 32,777 shares of company stock worth $2,759,404 in the last three months. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $76.00 to $82.00 and gave the stock an “underweight” rating in a research report on Thursday, February 2nd. TheStreet raised shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Barclays lifted their price target on shares of Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a report on Thursday, February 2nd. Cowen lifted their price target on shares of Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Finally, Morgan Stanley lifted their price target on shares of Otis Worldwide from $84.00 to $89.00 and gave the stock an “equal weight” rating in a report on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $81.00.

Otis Worldwide Trading Up 1.5 %

Otis Worldwide stock opened at $84.40 on Monday. Otis Worldwide Co. has a 1-year low of $62.49 and a 1-year high of $87.33. The firm has a market capitalization of $35.02 billion, a price-to-earnings ratio of 28.42 and a beta of 0.93. The firm has a 50 day simple moving average of $83.14 and a 200 day simple moving average of $77.32.

Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a net margin of 9.16% and a negative return on equity of 27.69%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same period in the previous year, the business earned $0.72 EPS. Otis Worldwide’s revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.43 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were paid a $0.29 dividend. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.16 dividend on an annualized basis and a yield of 1.37%. Otis Worldwide’s dividend payout ratio is 39.06%.

Otis Worldwide Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.