Swedbank AB Invests $21.93 Million in Otis Worldwide Co. (NYSE:OTIS)

Swedbank AB acquired a new position in Otis Worldwide Co. (NYSE:OTIS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 220,937 shares of the company’s stock, valued at approximately $21,932,000. Swedbank AB owned about 0.05% of Otis Worldwide as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. LRI Investments LLC acquired a new position in shares of Otis Worldwide in the 1st quarter worth approximately $2,807,000. Virtu Financial LLC lifted its holdings in Otis Worldwide by 18.3% during the 1st quarter. Virtu Financial LLC now owns 13,292 shares of the company’s stock worth $1,319,000 after buying an additional 2,056 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in Otis Worldwide by 2,237.6% during the 1st quarter. Plato Investment Management Ltd now owns 22,745 shares of the company’s stock worth $2,258,000 after buying an additional 21,772 shares in the last quarter. iA Global Asset Management Inc. lifted its holdings in Otis Worldwide by 33.5% during the 1st quarter. iA Global Asset Management Inc. now owns 13,702 shares of the company’s stock worth $1,360,000 after buying an additional 3,438 shares in the last quarter. Finally, Brown Shipley& Co Ltd lifted its holdings in Otis Worldwide by 12.2% during the 1st quarter. Brown Shipley& Co Ltd now owns 48,529 shares of the company’s stock worth $4,784,000 after buying an additional 5,259 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.0 %

Shares of Otis Worldwide stock traded down $0.01 during trading hours on Friday, hitting $94.29. The company’s stock had a trading volume of 3,107,146 shares, compared to its average volume of 2,434,203. The company has a market capitalization of $37.77 billion, a PE ratio of 27.25 and a beta of 1.03. The business has a fifty day moving average of $96.82 and a 200 day moving average of $95.28. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $98.83.

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.