Principal Financial Group Inc. Purchases 6,261 Shares of Otis Worldwide Co. (NYSE:OTIS)

Principal Financial Group Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 1.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 471,044 shares of the company’s stock after purchasing an additional 6,261 shares during the period. Principal Financial Group Inc.’s holdings in Otis Worldwide were worth $48,960,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $991,000. M&T Bank Corp raised its stake in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. Blair William & Co. IL grew its stake in shares of Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in shares of Otis Worldwide by 3.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after buying an additional 6,259 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a research report on Thursday, December 5th. Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $104.50.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $93.56 on Monday. The company has a market capitalization of $37.37 billion, a P/E ratio of 23.33 and a beta of 1.04. The company’s 50-day simple moving average is $100.56 and its two-hundred day simple moving average is $97.89. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. On average, research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by company insiders.

About Otis Worldwide

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.