Otis Worldwide Corporation $OTIS Shares Bought by Louisbourg Investments Inc.

Key Points

• Louisbourg Investments increased its Otis Worldwide stake by 29.4% in the third quarter, bringing its holdings to 133,325 shares valued at approximately $8.6 million. Institutional investors collectively own 88.03% of the company.
• Analyst sentiment is mixed: four analysts rate Otis a Buy, three a Hold, and two a Sell, producing an average Hold rating and a consensus price target of $91.
• Otis shares opened at $72.06, while the company reported quarterly revenue of $3.86 billion and adjusted earnings of $1.01 per share. It also pays a quarterly dividend of $0.44, equivalent to a 2.4% annual yield.

Louisbourg Investments Inc. lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 29.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,325 shares of the company's stock after purchasing an additional 30,258 shares during the quarter. Otis Worldwide accounts for about 1.5% of Louisbourg Investments Inc.'s portfolio, making the stock its 19th biggest position. Louisbourg Investments Inc.'s holdings in Otis Worldwide were worth $8,575,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of OTIS. Revisor Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 27.7% in the third quarter. Revisor Wealth Management LLC now owns 12,713 shares of the company's stock valued at $864,000 after buying an additional 2,761 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in shares of Otis Worldwide by 154.6% during the third quarter. Bank Pictet & Cie Europe AG now owns 32,851 shares of the company's stock worth $2,113,000 after acquiring an additional 19,947 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Otis Worldwide by 2.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,546 shares of the company's stock worth $3,444,000 after acquiring an additional 1,130 shares during the period. IFP Advisors Inc raised its holdings in shares of Otis Worldwide by 12.7% during the third quarter. IFP Advisors Inc now owns 29,415 shares of the company's stock worth $1,892,000 after acquiring an additional 3,306 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its position in Otis Worldwide by 14.9% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 19,566 shares of the company's stock valued at $1,262,000 after acquiring an additional 2,533 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on OTIS shares. Evercore reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Sanford C. Bernstein reiterated an "outperform" rating on shares of Otis Worldwide in a report on Monday, September 21st. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company assumed coverage on Otis Worldwide in a research note on Thursday, September 24th. They issued an "underweight" rating and a $77.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $91.00.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $72.06 on Wednesday. The stock has a 50 day moving average price of $69.27 and a 200 day moving average price of $72.33. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The stock has a market capitalization of $27.43 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 2.49 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%. The business's revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $1.05 earnings per share. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide's dividend payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation NYSE: OTIS is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.

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