Otis Worldwide Co. (NYSE:OTIS) Position Boosted by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 73.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 232,094 shares of the company’s stock after buying an additional 98,486 shares during the quarter. Handelsbanken Fonder AB’s holdings in Otis Worldwide were worth $20,765,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at $30,000. NBC Securities Inc. bought a new stake in Otis Worldwide in the third quarter valued at $33,000. CNB Bank grew its position in Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after acquiring an additional 192 shares during the period. Finally, First Command Advisory Services Inc. bought a new stake in Otis Worldwide in the third quarter valued at $36,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays increased their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group raised their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company decreased 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. Finally, Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Trading Up 1.2 %

Shares of NYSE OTIS opened at $96.29 on Tuesday. The company has a market capitalization of $38.92 billion, a P/E ratio of 28.40 and a beta of 1.01. The stock has a 50 day moving average of $96.21 and a 200-day moving average of $89.09. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period last year, the firm posted $0.75 EPS. Analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.41%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

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.