Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 228,821 shares of the company’s stock after buying an additional 13,602 shares during the quarter. Handelsbanken Fonder AB owned about 0.06% of Otis Worldwide worth $23,784,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB increased its stake in shares of Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after acquiring an additional 75,878 shares during the period. First Eagle Investment Management LLC grew its position in Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares during the period. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at about $991,000. Cetera Investment Advisers lifted its holdings in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after buying an additional 33,457 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Otis Worldwide by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock worth $100,181,000 after buying an additional 9,145 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.2 %

NYSE:OTIS traded up $0.26 during trading hours on Friday, reaching $104.56. 1,505,952 shares of the company were exchanged, compared to its average volume of 2,125,662. The stock’s 50-day moving average is $95.30 and its 200-day moving average is $96.29. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $105.39. The firm has a market cap of $42.28 billion, a PE ratio of 30.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OTIS shares. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Barclays raised their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $100.86.

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.