Bank of Montreal Can Buys 28,436 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bank of Montreal Can raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 7.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 409,792 shares of the company’s stock after purchasing an additional 28,436 shares during the quarter. Bank of Montreal Can owned 0.10% of Otis Worldwide worth $42,795,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Private Trust Co. NA increased its stake in shares of Otis Worldwide by 11.4% during the third quarter. Private Trust Co. NA now owns 14,480 shares of the company’s stock valued at $1,505,000 after buying an additional 1,477 shares during the period. Truvestments Capital LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $36,000. Brown Brothers Harriman & Co. increased its stake in shares of Otis Worldwide by 24.9% during the third quarter. Brown Brothers Harriman & Co. now owns 1,018,536 shares of the company’s stock valued at $105,867,000 after buying an additional 203,357 shares during the period. DRW Securities LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $467,000. Finally, Daiwa Securities Group Inc. increased its stake in shares of Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on OTIS shares. Barclays reduced their target price 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. Wells Fargo & Company reduced 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Up 0.5 %

NYSE OTIS opened at $102.52 on Friday. Otis Worldwide Co. has a 12 month low of $83.99 and a 12 month high of $106.33. The stock has a market cap of $40.95 billion, a P/E ratio of 25.57 and a beta of 1.04. The stock’s fifty day moving average price is $101.63 and its 200-day moving average price is $97.73.

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 analysts’ consensus estimates 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 business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred 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 transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was 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 through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Profile

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.