Avanza Fonder AB Has $4.20 Million Stake in Otis Worldwide Corporation $OTIS

Avanza Fonder AB raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 18.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,086 shares of the company’s stock after buying an additional 7,377 shares during the quarter. Avanza Fonder AB’s holdings in Otis Worldwide were worth $4,200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allied Investment Advisors LLC boosted its holdings in shares of Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after purchasing an additional 6,770 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Otis Worldwide by 54.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock worth $264,277,000 after buying an additional 1,013,876 shares in the last quarter. Pinnacle Financial Partners Inc. raised its holdings in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares in the last quarter. Natixis lifted its position in shares of Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after buying an additional 58,286 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its position in shares of Otis Worldwide by 19.9% during the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after buying an additional 38,931 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. 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 research report on Tuesday, December 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Trading Down 1.5%

Otis Worldwide stock opened at $77.87 on Wednesday. The stock has a 50-day moving average price of $88.28 and a two-hundred day moving average price of $89.00. Otis Worldwide Corporation has a 12 month low of $77.80 and a 12 month high of $105.95. The company has a market capitalization of $30.27 billion, a PE ratio of 22.25, a P/E/G ratio of 2.38 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the business posted $0.93 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Buying and Selling at Otis Worldwide

In related 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 value of $518,700.00. Following the sale, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last three months. 0.23% of the stock is currently owned by company insiders.

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.