TRU Independence Asset Management 2 LLC Invests $61,000 in Otis Worldwide Co. (NYSE:OTIS)
TRU Independence Asset Management 2 LLC acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 910 shares of the company’s stock, valued at approximately $61,000.
A number of other large investors have also recently bought and sold shares of OTIS. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $392,029,000. Viking Global Investors LP boosted its position in shares of Otis Worldwide by 80.1% in the fourth quarter. Viking Global Investors LP now owns 5,397,663 shares of the company’s stock valued at $364,612,000 after acquiring an additional 2,400,001 shares during the period. Morgan Stanley grew its stake in shares of Otis Worldwide by 116.9% in the fourth quarter. Morgan Stanley now owns 3,660,714 shares of the company’s stock worth $247,282,000 after acquiring an additional 1,972,801 shares during the last quarter. Lazard Freres Gestion S.A.S. bought a new position in Otis Worldwide during the fourth quarter worth $78,320,000. Finally, Laurion Capital Management LP boosted its holdings in Otis Worldwide by 607.0% in the 4th quarter. Laurion Capital Management LP now owns 974,022 shares of the company’s stock valued at $65,796,000 after purchasing an additional 836,254 shares during the period. Institutional investors and hedge funds own 83.76% of the company’s stock.
A number of equities research analysts have weighed in on OTIS shares. Cowen lifted their price target on shares of Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Credit Suisse Group upped their price objective on Otis Worldwide from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, February 2nd. Zacks Investment Research cut Otis Worldwide from a “hold” rating to a “sell” rating in a research note on Wednesday, February 3rd. Berenberg Bank started coverage on Otis Worldwide in a research report on Monday, March 22nd. They set a “buy” rating and a $85.00 target price for the company. Finally, HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Monday, March 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $73.75.
Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Sunday, January 31st. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.39 billion. Analysts predict that Otis Worldwide Co. will post 2.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 10th. Stockholders of record on Friday, February 12th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, February 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%.
About Otis Worldwide
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
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