Handelsbanken Fonder AB Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Handelsbanken Fonder AB boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 73.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,094 shares of the company’s stock after buying an additional 98,486 shares during the period. Handelsbanken Fonder AB owned approximately 0.06% of Otis Worldwide worth $20,765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at about $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $30,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $33,000. CNB Bank raised its position in shares of Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after acquiring an additional 192 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at approximately $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $96.29 on Tuesday. The stock has a fifty day moving average price of $96.21 and a two-hundred day moving average price of $89.09. The company has a market cap of $38.92 billion, a price-to-earnings ratio of 28.40 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the firm earned $0.75 earnings per share. As a group, research analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.41%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.00.

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.