Nordea Investment Management AB Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Nordea Investment Management AB boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,795 shares of the company’s stock after buying an additional 13,043 shares during the period. Nordea Investment Management AB’s holdings in Otis Worldwide were worth $18,122,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in OTIS. Acadian Asset Management LLC grew its position in shares of Otis Worldwide by 96.2% in the second quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock valued at $1,282,000 after purchasing an additional 6,537 shares in the last quarter. Caprock Group LLC increased its stake in shares of Otis Worldwide by 100.8% in the 2nd quarter. Caprock Group LLC now owns 5,779 shares of the company’s stock worth $556,000 after acquiring an additional 2,901 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter worth $101,000. Prudential PLC boosted its position in shares of Otis Worldwide by 76.9% during the 2nd quarter. Prudential PLC now owns 31,515 shares of the company’s stock valued at $3,034,000 after acquiring an additional 13,696 shares during the last quarter. Finally, Choreo LLC grew its holdings in shares of Otis Worldwide by 190.4% in the second quarter. Choreo LLC now owns 17,948 shares of the company’s stock valued at $1,704,000 after purchasing an additional 11,767 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.50.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $91.74 on Thursday. The stock has a market capitalization of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The company has a 50 day moving average price of $97.87 and a 200 day moving average price of $97.47.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, research analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.