Nordea Investment Management AB Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Nordea Investment Management AB boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 194,795 shares of the company's stock after buying an additional 13,043 shares during the period. Nordea Investment Management AB's holdings in Otis Worldwide were worth $18,122,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Appian Way Asset Management LP bought a new stake in Otis Worldwide during the second quarter worth approximately $991,000. M&T Bank Corp raised its holdings in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after buying an additional 18,536 shares during the period. Daiwa Securities Group Inc. lifted its position in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock worth $5,111,000 after buying an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the period. Finally, Blair William & Co. IL increased its position in Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company's stock valued at $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Finally, Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $103.50.

Otis Worldwide Stock Performance

NYSE:OTIS traded down $0.38 during trading hours on Thursday, reaching $91.74. The company's stock had a trading volume of 2,814,116 shares, compared to its average volume of 1,915,003. The stock has a 50 day moving average price of $97.74 and a two-hundred day moving average price of $97.43. The company has a market capitalization of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $85.42 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 EPS. As a group, analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's payout ratio is presently 38.90%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company's stock.

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.