National Bank of Canada FI Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

National Bank of Canada FI trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 166,410 shares of the company’s stock after selling 3,631 shares during the period. National Bank of Canada FI’s holdings in Otis Worldwide were worth $16,157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide in the first quarter worth $31,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $35,000. Finally, Accent Capital Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $6.95 during mid-day trading on Wednesday, hitting $91.43. The company’s stock had a trading volume of 5,832,294 shares, compared to its average volume of 2,085,914. The business has a 50 day moving average price of $97.33 and a 200-day moving average price of $94.99. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock has a market cap of $36.97 billion, a price-to-earnings ratio of 26.42 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on OTIS. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company boosted their target price on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $99.67.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.