ICICI Prudential Asset Management Co Ltd Buys New Stake in Otis Worldwide Co. (NYSE:OTIS)

ICICI Prudential Asset Management Co Ltd acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 20,600 shares of the company's stock, valued at approximately $2,141,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Pinnacle Financial Partners Inc raised its position in shares of Otis Worldwide by 1,314.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 64,714 shares of the company's stock valued at $6,726,000 after purchasing an additional 60,140 shares during the period. Haverford Trust Co grew its stake in Otis Worldwide by 8.4% during the third quarter. Haverford Trust Co now owns 2,328 shares of the company's stock valued at $242,000 after acquiring an additional 180 shares in the last quarter. Victory Capital Management Inc. grew its stake in Otis Worldwide by 30.0% during the third quarter. Victory Capital Management Inc. now owns 685,347 shares of the company's stock valued at $71,235,000 after acquiring an additional 158,010 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in Otis Worldwide by 30.0% during the third quarter. Aptus Capital Advisors LLC now owns 4,645 shares of the company's stock valued at $483,000 after acquiring an additional 1,073 shares in the last quarter. Finally, Harbour Investments Inc. grew its stake in Otis Worldwide by 11.4% during the third quarter. Harbour Investments Inc. now owns 2,174 shares of the company's stock valued at $226,000 after acquiring an additional 222 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday. They set a "neutral" rating and a $113.00 target price for the company. Barclays cut their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price objective for the company. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $104.57.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.66 during trading on Wednesday, hitting $100.39. The stock had a trading volume of 1,962,981 shares, compared to its average volume of 2,116,551. Otis Worldwide Co. has a 12 month low of $82.43 and a 12 month high of $106.33. The firm's fifty day simple moving average is $99.99 and its 200-day simple moving average is $97.19. The stock has a market cap of $40.10 billion, a PE ratio of 25.04 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company's quarterly revenue was up .7% compared to the same quarter last year. Analysts expect that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide's payout ratio is currently 38.90%.

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.