Otis Worldwide Corporation $OTIS Stock Purchased by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 17.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,288,324 shares of the company’s stock after buying an additional 193,060 shares during the period. Russell Investments Group Ltd.’s holdings in Otis Worldwide were worth $82,870,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. grew its position in Otis Worldwide by 6.0% during the third quarter. Eurizon Capital SGR S.p.A. now owns 72,090 shares of the company’s stock worth $4,646,000 after buying an additional 4,066 shares in the last quarter. Fifth Third Bancorp increased its stake in Otis Worldwide by 8.9% during the 3rd quarter. Fifth Third Bancorp now owns 95,804 shares of the company’s stock worth $6,162,000 after acquiring an additional 7,841 shares during the period. Maryland State Retirement & Pension System raised its holdings in Otis Worldwide by 20.9% in the 3rd quarter. Maryland State Retirement & Pension System now owns 24,435 shares of the company’s stock valued at $1,572,000 after acquiring an additional 4,231 shares in the last quarter. UNIVEST FINANCIAL Corp acquired a new position in Otis Worldwide in the 3rd quarter valued at $906,000. Finally, Jacobi Capital Management LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at $155,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, October 29th. Sanford C. Bernstein boosted their target price on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Tuesday. Finally, Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research note on Monday, August 10th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $91.20.

Insider Activity

In related news, insider Joseph Armas sold 835 shares of the company’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider owned 2,155 shares in the company, valued at $167,529.70. This represents a 27.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

OTIS stock traded up $0.39 during midday trading on Friday, reaching $77.53. 2,578,214 shares of the stock were exchanged, compared to its average volume of 4,837,443. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The company has a fifty day moving average price of $71.03 and a 200 day moving average price of $75.85. The stock has a market capitalization of $29.52 billion, a PE ratio of 19.29, a P/E/G ratio of 2.80 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue was up 6.1% on a year-over-year basis. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a yield of 2.3%. Otis Worldwide’s payout ratio is presently 43.78%.

Otis Worldwide Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.