Allianz Asset Management GmbH Acquires 74,396 Shares of Otis Worldwide Corporation $OTIS

Allianz Asset Management GmbH lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 69.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 181,109 shares of the company’s stock after acquiring an additional 74,396 shares during the period. Allianz Asset Management GmbH’s holdings in Otis Worldwide were worth $16,559,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Root Financial Partners LLC bought a new stake in Otis Worldwide during the third quarter worth $26,000. Chilton Capital Management LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $31,000. Nemes Rush Group LLC boosted its holdings in Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide in the 3rd quarter worth $31,000. Finally, Oakworth Capital Inc. raised its holdings in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on OTIS. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wells Fargo & Company lowered their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Trading Down 1.5%

Shares of OTIS stock opened at $89.84 on Friday. The firm’s 50 day moving average is $88.46 and its 200 day moving average is $88.87. The stock has a market capitalization of $35.01 billion, a P/E ratio of 25.67, a PEG ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm earned $0.93 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the transaction, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 108,887 shares of company stock valued at $9,808,350. Insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.