Sumitomo Mitsui DS Asset Management Company Ltd Has $2.10 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 17.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,772 shares of the company’s stock after purchasing an additional 4,367 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Otis Worldwide were worth $2,104,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Loomis Sayles & Co. L P raised its position in Otis Worldwide by 6.9% in the 4th quarter. Loomis Sayles & Co. L P now owns 2,078 shares of the company’s stock valued at $181,000 after buying an additional 134 shares during the last quarter. Avity Investment Management Inc. raised its position in Otis Worldwide by 4.5% in the 1st quarter. Avity Investment Management Inc. now owns 3,457 shares of the company’s stock valued at $266,000 after buying an additional 150 shares during the last quarter. CVA Family Office LLC raised its position in Otis Worldwide by 47.6% in the 1st quarter. CVA Family Office LLC now owns 465 shares of the company’s stock valued at $36,000 after buying an additional 150 shares during the last quarter. Calamos Wealth Management LLC raised its position in Otis Worldwide by 5.3% in the 1st quarter. Calamos Wealth Management LLC now owns 3,031 shares of the company’s stock valued at $233,000 after buying an additional 153 shares during the last quarter. Finally, CX Institutional raised its position in Otis Worldwide by 6.1% in the 1st quarter. CX Institutional now owns 2,704 shares of the company’s stock valued at $208,000 after buying an additional 156 shares during the last quarter. 83.16% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 12,376 shares of the company’s stock, valued at approximately $947,259.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $78.55, for a total value of $205,643.90. Following the completion of the sale, the chief financial officer now directly owns 7,063 shares in the company, valued at approximately $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. Credit Suisse Group upped their price objective on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Barclays reduced their price objective on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Finally, JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $100.00 to $62.00 in a research note on Thursday, July 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $77.40.

Otis Worldwide Stock Performance

OTIS stock opened at $65.45 on Friday. Otis Worldwide Co. has a fifty-two week low of $65.36 and a fifty-two week high of $88.22. The stock has a fifty day moving average of $74.68 and a 200-day moving average of $74.07. The company has a market capitalization of $27.50 billion, a price-to-earnings ratio of 22.49 and a beta of 0.91.

Otis Worldwide (NYSE:OTISGet Rating) last issued its earnings results on Wednesday, July 27th. The company reported $0.86 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 business had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter last year, the company earned $0.79 EPS. The firm’s revenue was down 5.8% compared to the same quarter last year. Equities analysts predict that Otis Worldwide Co. will post 3.2 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, September 10th. Shareholders of record on Friday, August 19th were paid a $0.29 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.16 annualized dividend and a yield of 1.77%. Otis Worldwide’s dividend payout ratio is currently 39.86%.

Otis Worldwide Company Profile

(Get Rating)

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.

See Also

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

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