Allianz Asset Management GmbH Buys 74,396 Shares of Otis Worldwide Corporation $OTIS

Allianz Asset Management GmbH lifted its position in Otis Worldwide Corporation (NYSE:OTIS) by 69.7% in the third quarter, Holdings Channel.com reports. The firm owned 181,109 shares of the company’s stock after purchasing an additional 74,396 shares during the quarter. Allianz Asset Management GmbH’s holdings in Otis Worldwide were worth $16,559,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $26,000. Chilton Capital Management LLC bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $31,000. Nemes Rush Group LLC raised its position in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Rakuten Investment Management Inc. bought a new stake in Otis Worldwide in the third quarter worth $31,000. Finally, Oakworth Capital Inc. lifted its stake in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 108,887 shares of company stock worth $9,808,350 over the last three months. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $89.84 on Friday. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83. The firm has a 50-day moving average of $88.46 and a 200 day moving average of $88.87. The stock has a market cap of $35.01 billion, a P/E ratio of 25.67, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.93 earnings per share. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s payout ratio is currently 48.00%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Finally, Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.