Alberta Investment Management Corp Makes New Investment in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Alberta Investment Management Corp has purchased 174,271 shares of Otis Worldwide Corporation, valued at approximately $17.99 million, indicating strong institutional interest in the company.
• Analysts have varied opinions on Otis Worldwide, with recent revisions to price targets; Barclays set a target of $90, while Deutsche Bank started coverage with a price objective of $109.
• Otis Worldwide has declared a quarterly dividend of $0.42, resulting in an annualized dividend yield of 2.0% and highlighting the company's commitment to returning value to shareholders.

Alberta Investment Management Corp acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 174,271 shares of the company's stock, valued at approximately $17,985,000.

Several other institutional investors also recently bought and sold shares of the company. Nicolet Advisory Services LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $203,000. US Financial Advisors LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $212,000. Natixis Advisors LLC boosted its holdings in shares of Otis Worldwide by 16.0% during the 1st quarter. Natixis Advisors LLC now owns 325,875 shares of the company's stock valued at $33,630,000 after acquiring an additional 44,957 shares during the last quarter. NorthRock Partners LLC boosted its holdings in shares of Otis Worldwide by 6.9% during the 1st quarter. NorthRock Partners LLC now owns 6,732 shares of the company's stock valued at $695,000 after acquiring an additional 433 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 8.4% during the 1st quarter. Modera Wealth Management LLC now owns 65,663 shares of the company's stock valued at $6,776,000 after acquiring an additional 5,109 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OTIS. Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.87 during mid-day trading on Friday, hitting $84.82. 3,897,512 shares of the stock traded hands, compared to its average volume of 3,107,193. The stock's fifty day moving average is $95.84 and its two-hundred day moving average is $97.11. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock has a market cap of $33.29 billion, a P/E ratio of 22.44, a P/E/G ratio of 4.08 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the business posted $1.06 EPS. The business's revenue for the quarter was down .2% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Otis Worldwide's payout ratio is presently 44.44%.

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.