Otis Worldwide Corporation $OTIS Holdings Raised by Andra AP fonden

Andra AP fonden lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 20.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 288,734 shares of the company’s stock after acquiring an additional 49,800 shares during the period. Andra AP fonden owned about 0.07% of Otis Worldwide worth $26,399,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Otis Worldwide during the second quarter worth $721,614,000. Marshall Wace LLP boosted its holdings in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after buying an additional 2,791,765 shares during the period. Vanguard Group Inc. grew its position in shares of Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after buying an additional 1,991,860 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in Otis Worldwide during the second quarter worth about $114,319,000. Finally, Canoe Financial LP raised its stake in Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after acquiring an additional 940,862 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 2.2%

OTIS stock opened at $91.44 on Friday. The firm’s 50-day moving average is $89.39 and its two-hundred day moving average is $89.22. The company has a market capitalization of $35.54 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

Insider Transactions at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 29,176 shares of the company’s stock, valued at $2,691,486. This represents a 62.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 over the last 90 days. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

About Otis Worldwide

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.