TD Asset Management Inc Has $17.16 Million Stake in Otis Worldwide Corporation $OTIS

TD Asset Management Inc trimmed its position in Otis Worldwide Corporation (NYSE:OTIS) by 5.5% during the third quarter, HoldingsChannel.com reports. The fund owned 187,672 shares of the company’s stock after selling 10,958 shares during the period. TD Asset Management Inc’s holdings in Otis Worldwide were worth $17,159,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide during the second quarter worth about $721,614,000. Marshall Wace LLP lifted its stake in Otis Worldwide by 5,291.5% in the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. lifted its stake in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in Otis Worldwide in the 2nd quarter valued at $114,319,000. Finally, Canoe Financial LP lifted its stake in shares of Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after buying an additional 940,862 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.0%

OTIS opened at $92.33 on Monday. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83. The company has a fifty day moving average of $89.49 and a 200-day moving average of $89.27. The stock has a market cap of $35.89 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.79 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OTIS. Wells Fargo & Company decreased their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $101.44.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.