Assenagon Asset Management S.A. Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Assenagon Asset Management S.A. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 29.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 135,428 shares of the company’s stock after acquiring an additional 30,530 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Otis Worldwide were worth $12,117,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth about $30,000. Janiczek Wealth Management LLC increased its position in shares of Otis Worldwide by 141.1% during the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after acquiring an additional 223 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the third quarter worth about $33,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $33,000. Finally, CNB Bank increased its position in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wells Fargo & Company lowered their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. UBS Group boosted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $92.29.

Check Out Our Latest Stock Report on OTIS

Otis Worldwide Trading Down 0.6 %

NYSE:OTIS opened at $99.27 on Friday. The firm has a market capitalization of $40.25 billion, a PE ratio of 29.28 and a beta of 1.01. The stock has a 50 day moving average of $93.70 and a 200-day moving average of $87.04. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTISGet Free Report) last posted its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period in the prior year, the company earned $0.75 earnings per share. As a group, analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.37%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

About Otis Worldwide

(Free Report)

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.

See Also

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

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