Lansforsakringar Fondforvaltning AB publ Buys 10,222 Shares of Otis Worldwide Corporation $OTIS

Lansforsakringar Fondforvaltning AB publ raised its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 8.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,598 shares of the company’s stock after purchasing an additional 10,222 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Otis Worldwide were worth $12,215,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $942,000. Raiffeisen Bank International AG lifted its stake in Otis Worldwide by 100.4% in the third quarter. Raiffeisen Bank International AG now owns 12,079 shares of the company’s stock worth $1,103,000 after acquiring an additional 6,052 shares during the period. ICICI Prudential Asset Management Co Ltd bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $3,291,000. Alberta Investment Management Corp lifted its stake in shares of Otis Worldwide by 4,636.0% in the 3rd quarter. Alberta Investment Management Corp now owns 118,400 shares of the company’s stock valued at $10,825,000 after purchasing an additional 115,900 shares during the period. Finally, CenterBook Partners LP grew its position in shares of Otis Worldwide by 270.9% in the 3rd quarter. CenterBook Partners LP now owns 14,745 shares of the company’s stock worth $1,348,000 after buying an additional 10,770 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 over the last 90 days. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $90.52 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The business’s 50 day moving average is $89.26 and its two-hundred day moving average is $89.18. The stock has a market capitalization of $35.19 billion, a P/E ratio of 25.86, a PEG ratio of 2.79 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.