Assenagon Asset Management S.A. Increases Holdings in Otis Worldwide Corporation $OTIS

Assenagon Asset Management S.A. lifted its position in Otis Worldwide Corporation (NYSE:OTIS) by 116.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,201,675 shares of the company’s stock after buying an additional 646,771 shares during the period. Assenagon Asset Management S.A. owned approximately 0.31% of Otis Worldwide worth $104,966,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Allied Investment Advisors LLC grew its position in Otis Worldwide by 6.0% during the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after buying an additional 6,770 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Otis Worldwide by 54.0% during the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after buying an additional 1,013,876 shares during the last quarter. Pinnacle Financial Partners Inc. raised its position in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares during the period. Natixis boosted its stake 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 acquiring an additional 58,286 shares during the last quarter. Finally, Carnegie Investment Counsel boosted its stake 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 acquiring an additional 38,931 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $79.10 on Tuesday. The stock has a market cap of $30.75 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 2.39 and a beta of 1.00. Otis Worldwide Corporation has a 1 year low of $78.25 and a 1 year high of $105.95. The firm has a fifty day moving average price of $88.52 and a 200-day moving average price of $89.06.

Otis Worldwide (NYSE:OTIS) last issued its 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 net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. Otis Worldwide’s dividend payout ratio is 48.00%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. Finally, Wells Fargo & Company decreased their price objective 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. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $101.44.

Insiders Place Their Bets

In related news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $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 accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.