Nordea Investment Management AB Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Nordea Investment Management AB lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 194,795 shares of the company’s stock after acquiring an additional 13,043 shares during the quarter. Nordea Investment Management AB’s holdings in Otis Worldwide were worth $18,122,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Otis Worldwide by 24.2% in the 4th quarter. GAMMA Investing LLC now owns 6,693 shares of the company’s stock valued at $620,000 after purchasing an additional 1,303 shares during the period. Versant Capital Management Inc lifted its stake in Otis Worldwide by 310.4% in the fourth quarter. Versant Capital Management Inc now owns 632 shares of the company’s stock valued at $59,000 after buying an additional 478 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Principal Financial Group Inc. grew its position in shares of Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock worth $48,960,000 after acquiring an additional 6,261 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $91.74 on Thursday. The stock’s 50 day moving average price is $97.87 and its 200 day moving average price is $97.47. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The company has a market cap of $36.65 billion, a PE ratio of 22.88 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate 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%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 earnings per share. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was 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 of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

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

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.