Canoe Financial LP Sells 889,219 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canoe Financial LP decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 87.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,266 shares of the company’s stock after selling 889,219 shares during the period. Canoe Financial LP’s holdings in Otis Worldwide were worth $13,499,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter valued at $25,000. Meeder Asset Management Inc. grew its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the period. Jamison Private Wealth Management Inc. increased its position in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 1.2 %

Shares of NYSE:OTIS opened at $101.26 on Monday. Otis Worldwide Co. has a 12 month low of $75.16 and a 12 month high of $106.33. The company has a market capitalization of $40.94 billion, a price-to-earnings ratio of 29.27 and a beta of 1.03. The firm’s 50-day moving average is $98.48 and its 200 day moving average is $96.79.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Company 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.