Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Cooper Financial Group

Cooper Financial Group grew its stake in shares of Otis Worldwide Co. (NYSE:OTISGet Rating) by 9.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,575 shares of the company’s stock after acquiring an additional 391 shares during the quarter. Cooper Financial Group’s holdings in Otis Worldwide were worth $323,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Loomis Sayles & Co. L P increased its stake in Otis Worldwide by 6.9% during the 4th quarter. Loomis Sayles & Co. L P now owns 2,078 shares of the company’s stock valued at $181,000 after purchasing an additional 134 shares in the last quarter. Avity Investment Management Inc. grew its stake in Otis Worldwide by 4.5% during the 1st quarter. Avity Investment Management Inc. now owns 3,457 shares of the company’s stock valued at $266,000 after purchasing an additional 150 shares during the last quarter. CVA Family Office LLC increased its holdings in shares of Otis Worldwide by 47.6% in the first quarter. CVA Family Office LLC now owns 465 shares of the company’s stock valued at $36,000 after purchasing an additional 150 shares during the period. Calamos Wealth Management LLC raised its stake in shares of Otis Worldwide by 5.3% in the first quarter. Calamos Wealth Management LLC now owns 3,031 shares of the company’s stock worth $233,000 after purchasing an additional 153 shares during the last quarter. Finally, CX Institutional raised its stake in shares of Otis Worldwide by 6.1% in the first quarter. CX Institutional now owns 2,704 shares of the company’s stock worth $208,000 after purchasing an additional 156 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $67.80 on Monday. Otis Worldwide Co. has a fifty-two week low of $66.97 and a fifty-two week high of $88.22. The stock’s fifty day moving average is $74.81 and its two-hundred day moving average is $74.30. The firm has a market capitalization of $28.49 billion, a P/E ratio of 23.30 and a beta of 0.91.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.08. The firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.56 billion. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period last year, the firm posted $0.79 earnings per share. On average, equities analysts forecast that Otis Worldwide Co. will post 3.2 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a yield of 1.71%. Otis Worldwide’s payout ratio is 39.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their target price on Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a research report on Thursday, July 28th. BNP Paribas lowered shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Credit Suisse Group lifted their price target on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $100.00 to $62.00 in a report on Thursday, July 7th. Finally, Exane BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $77.40.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the sale, the executive vice president now directly owns 12,376 shares of the company’s stock, valued at approximately $947,259.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the sale, the chief financial officer now owns 7,063 shares of the company’s stock, valued at approximately $554,798.65. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the transaction, the executive vice president now owns 12,376 shares of the company’s stock, valued at $947,259.04. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Otis Worldwide Profile

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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