Canoe Financial LP Grows Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Canoe Financial LP grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 45.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,503,369 shares of the company's stock after purchasing an additional 469,946 shares during the quarter. Otis Worldwide makes up approximately 2.5% of Canoe Financial LP's holdings, making the stock its 12th biggest position. Canoe Financial LP owned about 0.38% of Otis Worldwide worth $155,148,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. DMKC Advisory Services LLC grew its stake in shares of Otis Worldwide by 1.2% during the 1st quarter. DMKC Advisory Services LLC now owns 20,363 shares of the company's stock valued at $2,101,000 after acquiring an additional 247 shares during the period. Investment Research & Advisory Group Inc. grew its stake in shares of Otis Worldwide by 17.8% during the 1st quarter. Investment Research & Advisory Group Inc. now owns 19,870 shares of the company's stock valued at $2,051,000 after acquiring an additional 2,998 shares during the period. Blue Trust Inc. grew its stake in shares of Otis Worldwide by 9.8% during the 1st quarter. Blue Trust Inc. now owns 2,455 shares of the company's stock valued at $253,000 after acquiring an additional 220 shares during the period. Premier Path Wealth Partners LLC grew its stake in shares of Otis Worldwide by 15.6% during the 1st quarter. Premier Path Wealth Partners LLC now owns 2,981 shares of the company's stock valued at $308,000 after acquiring an additional 402 shares during the period. Finally, Institute for Wealth Management LLC. bought a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $211,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $94.02 on Friday. The company has a market capitalization of $37.11 billion, a P/E ratio of 24.68 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The stock has a 50 day moving average price of $96.33 and a 200-day moving average price of $96.81.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Royal Bank Of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Company 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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.