Louisiana State Employees Retirement System Invests $2.21 Million in Otis Worldwide Co. (NYSE:OTIS)

Louisiana State Employees Retirement System acquired a new position in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel.com reports. The firm acquired 24,700 shares of the company’s stock, valued at approximately $2,210,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after acquiring an additional 2,390 shares during the period. International Assets Investment Management LLC boosted its holdings in Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares during the period. SG Americas Securities LLC boosted its holdings in Otis Worldwide by 176.4% during the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after acquiring an additional 74,030 shares during the period. Smith Salley & Associates purchased a new stake in Otis Worldwide during the 4th quarter valued at about $1,113,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Otis Worldwide by 29.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock valued at $12,117,000 after acquiring an additional 30,530 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OTIS shares. Melius began coverage on Otis Worldwide in a 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 report on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Finally, Argus upgraded 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. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $94.29.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’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 transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $94.96 on Thursday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The firm has a market capitalization of $38.38 billion, a P/E ratio of 28.01 and a beta of 1.01. The stock has a 50 day moving average price of $95.93 and a 200-day moving average price of $88.68.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

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.