Ameritas Investment Company LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,771 shares of the company’s stock, valued at approximately $190,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth $392,029,000. Vontobel Asset Management Inc. lifted its position in Otis Worldwide by 374.6% in the first quarter. Vontobel Asset Management Inc. now owns 3,892,362 shares of the company’s stock worth $276,430,000 after buying an additional 3,072,265 shares during the last quarter. London Co. of Virginia bought a new stake in Otis Worldwide in the first quarter worth $167,464,000. Viking Global Investors LP lifted its position in Otis Worldwide by 80.1% in the fourth quarter. Viking Global Investors LP now owns 5,397,663 shares of the company’s stock worth $364,612,000 after buying an additional 2,400,001 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Otis Worldwide by 6.7% in the first quarter. BlackRock Inc. now owns 34,379,844 shares of the company’s stock worth $2,353,302,000 after buying an additional 2,154,634 shares during the last quarter. Hedge funds and other institutional investors own 85.10% of the company’s stock.
In other news, insider Peiming Zheng sold 15,234 shares of the firm’s stock in a transaction on Wednesday, April 28th. The stock was sold at an average price of $78.67, for a total transaction of $1,198,458.78. Following the transaction, the insider now owns 19,022 shares in the company, valued at $1,496,460.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.05% of the company’s stock.
Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Sunday, April 25th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.16 billion. Otis Worldwide had a negative return on equity of 33.25% and a net margin of 7.95%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Co. will post 2.86 earnings per share for the current year.
A number of brokerages recently issued reports on OTIS. Royal Bank of Canada began coverage on Otis Worldwide in a research report on Tuesday, July 6th. They issued an “outperform” rating and a $95.00 price target for the company. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price target for the company in a research report on Monday, March 29th. Credit Suisse Group increased their target price on Otis Worldwide from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 27th. Barclays increased their target price on Otis Worldwide from $76.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 8th. Finally, Zacks Investment Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Otis Worldwide presently has a consensus rating of “Buy” and a consensus target price of $79.38.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
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