Otis Worldwide Corporation $OTIS Stock Acquired by Canoe Financial LP

Canoe Financial LP raised its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,188,862 shares of the company's stock after buying an additional 144,386 shares during the period. Otis Worldwide comprises about 2.5% of Canoe Financial LP's investment portfolio, making the stock its 9th biggest position. Canoe Financial LP owned 0.84% of Otis Worldwide worth $205,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. Veritas Asset Management LLP bought a new position in shares of Otis Worldwide during the second quarter valued at about $7,565,000. State Street Corp lifted its stake in shares of Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company's stock valued at $1,193,214,000 after acquiring an additional 463,491 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Otis Worldwide by 36.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company's stock valued at $45,433,000 after acquiring an additional 170,600 shares during the last quarter. National Pension Service boosted its holdings in Otis Worldwide by 16.6% during the 2nd quarter. National Pension Service now owns 761,439 shares of the company's stock valued at $54,519,000 after acquiring an additional 108,638 shares during the period. Finally, Banco Santander S.A. boosted its holdings in Otis Worldwide by 1,153.2% during the 2nd quarter. Banco Santander S.A. now owns 106,257 shares of the company's stock valued at $7,608,000 after acquiring an additional 97,778 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $72.38 on Thursday. The firm's 50-day moving average price is $69.24 and its 200-day moving average price is $72.29. The company has a market capitalization of $27.55 billion, a PE ratio of 18.61, a P/E/G ratio of 2.53 and a beta of 0.87. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on OTIS. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Otis Worldwide in a research report on Monday, September 21st. Wells Fargo & Company assumed coverage on Otis Worldwide in a research note on Thursday, September 24th. They set an "underweight" rating and a $77.00 price objective for the company. Finally, Evercore reissued an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. 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.com, the company has a consensus rating of "Hold" and a consensus target price of $91.00.

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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