Prelude Capital Management LLC Acquires Shares of 4,432 Otis Worldwide Co. (NYSE:OTIS)

Prelude Capital Management LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,432 shares of the company’s stock, valued at approximately $374,000.

A number of other institutional investors have also made changes to their positions in OTIS. Norges Bank bought a new position in Otis Worldwide during the fourth quarter worth $370,013,000. Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after buying an additional 1,484,963 shares during the period. StonePine Asset Management Inc. grew its stake in Otis Worldwide by 692.9% in the 1st quarter. StonePine Asset Management Inc. now owns 1,687,258 shares of the company’s stock valued at $142,405,000 after buying an additional 1,474,467 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Otis Worldwide by 66.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after acquiring an additional 1,384,353 shares during the period. Finally, Lazard Asset Management LLC lifted its position in Otis Worldwide by 33.8% during the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after acquiring an additional 984,793 shares during the last quarter. 85.48% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 6,372 shares of the business’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.50, for a total transaction of $576,666.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 3,992 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.70, for a total transaction of $362,074.40. Following the sale, the insider now owns 42,097 shares of the company’s stock, valued at $3,818,197.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 6,372 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $90.50, for a total value of $576,666.00. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $81.12 on Monday. The stock has a market capitalization of $33.40 billion, a P/E ratio of 25.59 and a beta of 0.97. The stock’s fifty day moving average is $86.34 and its 200 day moving average is $84.86. Otis Worldwide Co. has a 52 week low of $62.49 and a 52 week high of $91.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 earnings per share. Equities research analysts forecast that Otis Worldwide Co. will post 3.47 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.36 annualized dividend and a yield of 1.68%. Otis Worldwide’s dividend payout ratio is currently 42.90%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Royal Bank of Canada increased their price objective on Otis Worldwide from $96.00 to $100.00 in a research report on Friday, July 28th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $88.00 to $90.00 in a research report on Monday, July 10th. Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $76.00 in a research report on Thursday, September 7th. Finally, HSBC lifted their price objective on shares of Otis Worldwide from $81.00 to $88.00 in a research note on Friday, June 23rd. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $87.86.

Otis Worldwide Profile

Otis Worldwide Corporation engages in the 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.