ICICI Prudential Asset Management Co Ltd Invests $2.14 Million in Otis Worldwide Co. (NYSE:OTIS)

ICICI Prudential Asset Management Co Ltd bought a new position in Otis Worldwide Co. (NYSE:OTIS) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,600 shares of the company’s stock, valued at approximately $2,141,000.

Other institutional investors have also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter worth about $25,000. Meeder Asset Management Inc. raised its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Jamison Private Wealth Management Inc. raised its stake in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. Cranbrook Wealth Management LLC grew its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth about $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.5 %

OTIS stock traded up $0.47 during trading on Wednesday, hitting $100.20. The company had a trading volume of 166,714 shares, compared to its average volume of 2,106,744. The firm has a market cap of $40.03 billion, a PE ratio of 24.99 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $82.43 and a 1-year high of $106.33. The firm has a 50-day moving average price of $99.99 and a 200-day moving average price of $97.19.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Analysts Set New Price Targets

OTIS has been the subject of several analyst reports. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.57.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate 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.