B. Metzler seel. Sohn & Co. Holding AG Takes Position in Otis Worldwide Co. (NYSE:OTIS)

B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 230,802 shares of the company’s stock, valued at approximately $23,990,000.

A number of other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP lifted its position in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after buying an additional 15,021 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock valued at $242,873,000 after buying an additional 101,955 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.7 %

Shares of NYSE OTIS opened at $100.77 on Tuesday. The firm has a market capitalization of $40.25 billion, a P/E ratio of 25.13 and a beta of 1.04. The stock’s 50-day simple moving average is $100.59 and its two-hundred day simple moving average is $97.42. Otis Worldwide Co. has a twelve month low of $83.66 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analysts Set New Price Targets

A number of brokerages have recently commented on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $104.57.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.