NN Investment Partners Holdings N.V. raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,387 shares of the company’s stock after purchasing an additional 8,686 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Otis Worldwide were worth $8,343,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of OTIS. FMR LLC grew its position in Otis Worldwide by 43.6% in the second quarter. FMR LLC now owns 11,981,167 shares of the company’s stock worth $979,701,000 after acquiring an additional 3,640,221 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Otis Worldwide by 244.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,099,492 shares of the company’s stock worth $253,446,000 after purchasing an additional 2,200,922 shares in the last quarter. BlackRock Inc. increased its position in shares of Otis Worldwide by 3.9% during the 3rd quarter. BlackRock Inc. now owns 36,709,140 shares of the company’s stock worth $3,020,428,000 after purchasing an additional 1,372,775 shares in the last quarter. Deutsche Bank AG increased its position in Otis Worldwide by 54.4% in the 2nd quarter. Deutsche Bank AG now owns 3,214,377 shares of the company’s stock valued at $262,840,000 after acquiring an additional 1,132,425 shares in the last quarter. Finally, Invesco Ltd. increased its position in Otis Worldwide by 21.7% in the 2nd quarter. Invesco Ltd. now owns 6,142,568 shares of the company’s stock valued at $502,277,000 after acquiring an additional 1,093,261 shares in the last quarter. 82.29% of the stock is owned by institutional investors.
Several research analysts recently weighed in on OTIS shares. Barclays reduced their price objective on shares of Otis Worldwide from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 26th. Wells Fargo & Company initiated coverage on shares of Otis Worldwide in a report on Thursday, October 7th. They set an “underweight” rating and a $72.00 target price on the stock. Vertical Research assumed coverage on shares of Otis Worldwide in a research report on Friday, October 8th. They set a “sell” rating and a $72.00 price objective for the company. Finally, Credit Suisse Group boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $82.49.
Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Sunday, October 24th. The company reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Otis Worldwide had a negative return on equity of 38.50% and a net margin of 8.55%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company posted $0.69 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 2.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 10th. Shareholders of record on Friday, November 19th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, November 18th. Otis Worldwide’s payout ratio is 34.04%.
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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