Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS grew its position in Otis Worldwide Co. (NYSE:OTISGet Rating) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,565 shares of the company’s stock after buying an additional 4,774 shares during the quarter. DnB Asset Management AS’s holdings in Otis Worldwide were worth $8,167,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in Otis Worldwide by 6.5% in the first quarter. Envestnet Asset Management Inc. now owns 256,860 shares of the company’s stock valued at $19,765,000 after purchasing an additional 15,599 shares during the period. Signaturefd LLC lifted its holdings in Otis Worldwide by 5.3% during the 1st quarter. Signaturefd LLC now owns 4,064 shares of the company’s stock worth $313,000 after buying an additional 204 shares during the last quarter. Calamos Advisors LLC lifted its holdings in Otis Worldwide by 15.4% during the 1st quarter. Calamos Advisors LLC now owns 93,755 shares of the company’s stock worth $7,214,000 after buying an additional 12,497 shares during the last quarter. Cartenna Capital LP purchased a new stake in Otis Worldwide during the 4th quarter worth about $10,884,000. Finally, Nuveen Asset Management LLC lifted its holdings in Otis Worldwide by 1.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,818,967 shares of the company’s stock worth $158,377,000 after buying an additional 18,497 shares during the last quarter. 83.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the sale, the chief financial officer now owns 7,063 shares in the company, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the sale, the chief financial officer now owns 7,063 shares in the company, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the sale, the executive vice president now directly owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Otis Worldwide Trading Down 1.6 %

NYSE OTIS opened at $67.80 on Monday. The business’s 50 day moving average is $74.81 and its two-hundred day moving average is $74.30. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $88.22. The stock has a market capitalization of $28.49 billion, a price-to-earnings ratio of 23.30 and a beta of 0.91.

Otis Worldwide (NYSE:OTISGet Rating) last released its earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Thursday, August 18th. Otis Worldwide’s dividend payout ratio is currently 39.86%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $95.00 to $80.00 in a report on Tuesday, July 5th. Berenberg Bank reduced their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, June 22nd. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $100.00 to $62.00 in a report on Thursday, July 7th. Finally, Wells Fargo & Company boosted their target price on Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $77.40.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.

Further Reading

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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