Cibc World Market Inc. Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Cibc World Market Inc. boosted its holdings in Otis Worldwide Co. (NYSE:OTISGet Rating) by 13.7% in the second quarter, HoldingsChannel reports. The firm owned 13,271 shares of the company’s stock after purchasing an additional 1,602 shares during the period. Cibc World Market Inc.’s holdings in Otis Worldwide were worth $938,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Otis Worldwide by 2.2% during the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after buying an additional 829,784 shares in the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 23.8% in the 1st quarter. JPMorgan Chase & Co. now owns 5,739,928 shares of the company’s stock valued at $441,688,000 after acquiring an additional 1,104,899 shares during the period. Wellington Management Group LLP increased its position in Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after acquiring an additional 1,484,963 shares during the period. Lazard Asset Management LLC boosted its stake in Otis Worldwide by 2.2% during the 2nd quarter. Lazard Asset Management LLC now owns 3,983,133 shares of the company’s stock valued at $281,487,000 after purchasing an additional 86,572 shares in the last quarter. Finally, AKO Capital LLP boosted its stake in Otis Worldwide by 4.4% during the 1st quarter. AKO Capital LLP now owns 3,889,448 shares of the company’s stock valued at $299,293,000 after purchasing an additional 165,193 shares in the last quarter. Hedge funds and other institutional investors own 83.16% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $77.76 on Monday. Otis Worldwide Co. has a 52-week low of $62.49 and a 52-week high of $88.22. The company has a market cap of $32.39 billion, a P/E ratio of 26.72 and a beta of 0.98. The stock’s 50-day moving average is $69.20 and its 200-day moving average is $72.27.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Friday, November 18th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.49%. The ex-dividend date is Thursday, November 17th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Credit Suisse Group increased their price target on Otis Worldwide from $73.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday, October 27th. Argus lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. Barclays reduced their price objective on Otis Worldwide from $83.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, October 3rd. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $70.00 to $65.00 and set an “underweight” rating for the company in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.00.

About Otis Worldwide

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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