Handelsbanken Fonder AB Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Handelsbanken Fonder AB grew its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 228,821 shares of the company's stock after purchasing an additional 13,602 shares during the quarter. Handelsbanken Fonder AB owned about 0.06% of Otis Worldwide worth $23,784,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. grew its stake in shares of Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock valued at $429,717,000 after buying an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its stake in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after buying an additional 883,659 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after buying an additional 15,021 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.2 %

OTIS traded up $0.26 on Friday, reaching $104.56. The company had a trading volume of 1,505,952 shares, compared to its average volume of 2,596,250. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.39. The stock has a market capitalization of $41.88 billion, a PE ratio of 30.22 and a beta of 1.03. The stock has a 50-day moving average price of $95.30 and a 200-day moving average price of $96.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $3.74 billion. During the same period in the previous year, the company earned $0.92 earnings per share. Otis Worldwide's quarterly revenue was down 3.2% compared to the same quarter last year. As a group, analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OTIS. Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price objective on the stock. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, July 25th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $100.86.

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.