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

ICICI Prudential Asset Management Co Ltd purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 20,600 shares of the company’s stock, valued at approximately $2,141,000.

Several other large investors have also modified their holdings of OTIS. Hancock Whitney Corp increased its stake in shares of Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the period. Bleakley Financial Group LLC increased its stake in shares of Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after acquiring an additional 117 shares during the period. Optas LLC increased its stake in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares during the period. Brighton Jones LLC increased its stake in shares of Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after acquiring an additional 124 shares during the period. Finally, Park Avenue Securities LLC increased its stake in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after acquiring an additional 127 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5 %

Shares of NYSE:OTIS traded up $0.47 during trading on Wednesday, reaching $100.20. 166,714 shares of the company traded hands, compared to its average volume of 2,106,744. The firm has a fifty day simple moving average of $99.99 and a 200 day simple moving average of $97.19. The firm has a market cap of $40.03 billion, a P/E 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.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 EPS. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on OTIS shares. Barclays lowered their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.57.

About Otis Worldwide

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.