First Affirmative Financial Network purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,266 shares of the company’s stock, valued at approximately $202,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $370,013,000. Wellington Management Group LLP raised its holdings in Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. StonePine Asset Management Inc. lifted its position in Otis Worldwide by 692.9% in the first quarter. StonePine Asset Management Inc. now owns 1,687,258 shares of the company’s stock worth $142,405,000 after purchasing an additional 1,474,467 shares during the period. Goldman Sachs Group Inc. boosted its stake in Otis Worldwide by 66.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after purchasing an additional 1,384,353 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Otis Worldwide by 33.8% during the 1st quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock valued at $299,840,000 after purchasing an additional 984,793 shares during the period. 85.48% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Otis Worldwide
In related news, CAO Michael Patrick Ryan sold 6,372 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.50, for a total transaction of $576,666.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Fernandez Bernardo Calleja sold 3,992 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.70, for a total transaction of $362,074.40. Following the transaction, the insider now owns 42,097 shares in the company, valued at approximately $3,818,197.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 6,372 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.50, for a total transaction of $576,666.00. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.
Otis Worldwide Trading Down 0.7 %
Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its earnings results on Wednesday, July 26th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Otis Worldwide had a negative return on equity of 28.62% and a net margin of 9.59%. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the company earned $0.86 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Co. will post 3.47 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Thursday, August 17th. Otis Worldwide’s dividend payout ratio is currently 42.90%.
Wall Street Analyst Weigh In
Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $88.00 to $90.00 in a research report on Monday, July 10th. HSBC increased their target price on shares of Otis Worldwide from $81.00 to $88.00 in a research note on Friday, June 23rd. Barclays dropped their price target on Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. TheStreet raised Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Finally, Royal Bank of Canada lifted their target price on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.86.
Otis Worldwide Company Profile
Otis Worldwide Corporation engages in the manufacturing, installation, and servicing of 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.
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