Erste Asset Management GmbH Has $11.64 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Erste Asset Management GmbH lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 4.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 127,518 shares of the company’s stock after selling 6,495 shares during the period. Erste Asset Management GmbH’s holdings in Otis Worldwide were worth $11,642,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OTIS. Allied Investment Advisors LLC raised its holdings in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares during the last quarter. Pinnacle Financial Partners Inc. raised its stake in Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares during the last quarter. Atlantic Union Bankshares Corp lifted its holdings in Otis Worldwide by 48.2% in the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after buying an additional 18,881 shares during the period. Natixis boosted its position in Otis Worldwide by 226.4% during the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after acquiring an additional 58,286 shares during the last quarter. Finally, Carnegie Investment Counsel boosted its position in Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after acquiring an additional 38,931 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 over the last 90 days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.0%

Shares of OTIS opened at $92.33 on Friday. The business’s fifty day moving average is $89.49 and its 200 day moving average is $89.26. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83. The stock has a market cap of $35.89 billion, a P/E ratio of 26.38, a P/E/G ratio of 2.76 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a report on Friday, January 30th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company reduced their price objective 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. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Three 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Company Profile

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.