abrdn plc Purchases 72,329 Shares of Otis Worldwide Co. (NYSE:OTIS)

abrdn plc increased its position in Otis Worldwide Co. (NYSE:OTIS) by 57.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 197,807 shares of the company’s stock after acquiring an additional 72,329 shares during the quarter. abrdn plc’s holdings in Otis Worldwide were worth $17,698,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. AE Wealth Management LLC increased its holdings in Otis Worldwide by 15.4% in the 3rd quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock valued at $890,000 after buying an additional 1,476 shares during the period. Global Retirement Partners LLC increased its stake in Otis Worldwide by 23.4% in the third quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock valued at $94,000 after acquiring an additional 223 shares during the period. Park Place Capital Corp raised its position in Otis Worldwide by 88.2% in the third quarter. Park Place Capital Corp now owns 2,046 shares of the company’s stock worth $164,000 after purchasing an additional 959 shares in the last quarter. Avior Wealth Management LLC lifted its stake in Otis Worldwide by 42.3% during the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after purchasing an additional 143 shares during the period. Finally, Founders Financial Securities LLC acquired a new stake in Otis Worldwide during the third quarter valued at approximately $215,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. UBS Group increased their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Wells Fargo & Company cut their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $95.00.

Otis Worldwide Stock Performance

Shares of OTIS opened at $93.37 on Thursday. The business’s fifty day moving average price is $96.41 and its two-hundred day moving average price is $89.24. The firm has a market capitalization of $37.74 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, research analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in 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.