Natixis Takes $3.72 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Natixis bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the first quarter, Holdings Channel reports. The institutional investor bought 37,492 shares of the company’s stock, valued at approximately $3,722,000.

A number of other large investors also recently made changes to their positions in OTIS. CVA Family Office LLC acquired a new position in Otis Worldwide in the fourth quarter worth approximately $82,000. Pacer Advisors Inc. boosted its position in shares of Otis Worldwide by 119.0% in the fourth quarter. Pacer Advisors Inc. now owns 72,361 shares of the company’s stock valued at $6,474,000 after acquiring an additional 39,318 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Otis Worldwide by 29.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock valued at $12,117,000 after acquiring an additional 30,530 shares during the period. Bar Harbor Wealth Management lifted its position in Otis Worldwide by 4.2% in the fourth quarter. Bar Harbor Wealth Management now owns 4,986 shares of the company’s stock worth $446,000 after purchasing an additional 200 shares during the period. Finally, Blue Trust Inc. lifted its position in Otis Worldwide by 78.3% in the fourth quarter. Blue Trust Inc. now owns 1,521 shares of the company’s stock worth $136,000 after purchasing an additional 668 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $93.29 on Friday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The firm has a market cap of $37.72 billion, a PE ratio of 26.88 and a beta of 1.03. The business has a fifty day moving average of $97.26 and a 200-day moving average of $94.98.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.92 earnings per share. On average, analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.67%. Otis Worldwide’s dividend payout ratio is 45.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OTIS. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Six 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 has an average rating of “Hold” and a consensus target price of $98.83.

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.