Capital Research Global Investors Has $258.36 Million Stock Position in Otis Worldwide Corporation $OTIS

Capital Research Global Investors increased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 0.6% during the third quarter, HoldingsChannel reports. The firm owned 2,825,737 shares of the company’s stock after acquiring an additional 15,589 shares during the period. Capital Research Global Investors’ holdings in Otis Worldwide were worth $258,357,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Otis Worldwide in the second quarter worth approximately $721,614,000. Marshall Wace LLP raised its stake in Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Otis Worldwide in the second quarter worth $114,319,000. Finally, Canoe Financial LP boosted its position in shares of Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after buying an additional 940,862 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $101.44.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $86.11 on Wednesday. The firm has a market capitalization of $33.47 billion, a PE ratio of 24.60, a P/E/G ratio of 2.64 and a beta of 1.00. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $105.95. The stock has a 50 day simple moving average of $89.82 and a 200 day simple moving average of $89.37.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors 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 yield of 2.0%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

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.