State of Alaska Department of Revenue Buys 15,505 Shares of Otis Worldwide Co. (NYSE:OTIS)

State of Alaska Department of Revenue raised its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 16.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,733 shares of the company’s stock after purchasing an additional 15,505 shares during the period. State of Alaska Department of Revenue’s holdings in Otis Worldwide were worth $7,825,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after purchasing an additional 829,784 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Otis Worldwide by 1.0% in the fourth quarter. BlackRock Inc. now owns 37,081,287 shares of the company’s stock valued at $3,228,667,000 after purchasing an additional 372,147 shares in the last quarter. State Street Corp lifted its holdings in Otis Worldwide by 1.8% during the 4th quarter. State Street Corp now owns 16,979,598 shares of the company’s stock worth $1,478,414,000 after buying an additional 292,558 shares in the last quarter. Alliancebernstein L.P. boosted its position in Otis Worldwide by 12.4% in the 4th quarter. Alliancebernstein L.P. now owns 8,053,409 shares of the company’s stock valued at $701,210,000 after buying an additional 890,179 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Otis Worldwide by 23.8% in the 1st quarter. JPMorgan Chase & Co. now owns 5,739,928 shares of the company’s stock valued at $441,688,000 after buying an additional 1,104,899 shares during the last quarter. 83.16% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

OTIS opened at $68.25 on Tuesday. The business’s 50-day moving average price is $74.80 and its two-hundred day moving average price is $74.23. Otis Worldwide Co. has a 1 year low of $66.97 and a 1 year high of $88.22. The company has a market capitalization of $28.68 billion, a price-to-earnings ratio of 23.45 and a beta of 0.91.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter last year, the business posted $0.79 EPS. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.2 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Friday, August 19th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Thursday, August 18th. Otis Worldwide’s payout ratio is 39.86%.

Insider Buying and Selling

In related news, CFO Rahul Ghai sold 2,618 shares of the business’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 transaction of $205,643.90. Following the transaction, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Rahul Ghai sold 2,618 shares of the business’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 transaction of $205,643.90. Following the transaction, the chief financial officer now directly owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the transaction, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Credit Suisse Group increased their price objective on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Berenberg Bank cut their price target on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. Barclays cut their price target on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, July 8th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and cut their price target for the company from $100.00 to $62.00 in a research note on Thursday, July 7th. Finally, BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their price target for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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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