Nordea Investment Management AB Has $46.14 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Nordea Investment Management AB grew its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 19.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 463,190 shares of the company's stock after buying an additional 75,878 shares during the quarter. Nordea Investment Management AB owned approximately 0.11% of Otis Worldwide worth $46,138,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. Orion Capital Management LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $30,000. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

OTIS traded down $1.08 during trading on Tuesday, hitting $96.32. 2,927,034 shares of the stock were exchanged, compared to its average volume of 2,052,375. The firm has a 50 day simple moving average of $96.45 and a 200 day simple moving average of $94.26. The firm has a market cap of $38.94 billion, a price-to-earnings ratio of 27.84 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date was Thursday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. Otis Worldwide's dividend payout ratio (DPR) is currently 45.09%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on OTIS shares. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a "hold" rating for the company. Argus raised their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a "buy" rating in a research note on Monday, May 13th. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday, April 25th. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating on the stock in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $99.33.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company's stock.

Otis Worldwide 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.