Nordea Investment Management AB Increases Stake in Otis Worldwide Corporation $OTIS

Nordea Investment Management AB increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 64,207 shares of the company’s stock after purchasing an additional 2,294 shares during the period. Nordea Investment Management AB’s holdings in Otis Worldwide were worth $6,289,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in OTIS. GAMMA Investing LLC increased its stake in Otis Worldwide by 18.8% during the 1st quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock worth $821,000 after buying an additional 1,260 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Otis Worldwide by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company’s stock valued at $3,266,000 after purchasing an additional 1,303 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock valued at $113,000 after purchasing an additional 158 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $225,000. Finally, Blue Trust Inc. increased its position in shares of Otis Worldwide by 9.8% in the 1st quarter. Blue Trust Inc. now owns 2,455 shares of the company’s stock valued at $253,000 after purchasing an additional 220 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective on the stock. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $91.52 on Tuesday. The stock has a market cap of $35.92 billion, a P/E ratio of 24.21, a P/E/G ratio of 3.58 and a beta of 1.00. The firm has a fifty day moving average price of $89.03 and a 200 day moving average price of $93.16. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide’s dividend payout ratio is currently 44.44%.

About Otis Worldwide

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.