Skandinaviska Enskilda Banken AB publ Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Skandinaviska Enskilda Banken AB publ trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,646 shares of the company’s stock after selling 219 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Otis Worldwide were worth $13,057,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Nordea Investment Management AB lifted its stake in shares of Otis Worldwide by 19.6% during the 1st 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 last quarter. First Eagle Investment Management LLC boosted its stake in shares of Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Otis Worldwide by 29.5% in the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after purchasing an additional 32,886 shares during the last quarter. Cetera Investment Advisers increased its stake in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after buying an additional 33,457 shares during the period. Finally, Cloverfields Capital Group LP lifted its holdings in Otis Worldwide by 212.2% during the 4th quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock valued at $8,208,000 after buying an additional 62,350 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

Otis Worldwide stock opened at $95.52 on Friday. The firm has a market cap of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. The business has a fifty day moving average of $94.23 and a two-hundred day moving average of $95.92. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the business posted $0.92 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 3.88 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 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, Morgan Stanley assumed 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. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Company 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.