Handelsbanken Fonder AB Sells 3,958 Shares of Otis Worldwide Co. (NYSE:OTIS)

Handelsbanken Fonder AB trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 225,291 shares of the company's stock after selling 3,958 shares during the period. Handelsbanken Fonder AB owned about 0.06% of Otis Worldwide worth $23,250,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the last quarter. Norges Bank bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $649,883,000. GAMMA Investing LLC increased its stake in shares of Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after buying an additional 814,057 shares during the period. BNP Paribas Financial Markets bought a new stake in Otis Worldwide during the 4th quarter valued at $66,962,000. Finally, Northern Trust Corp raised its holdings in Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after buying an additional 501,016 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Royal Bank of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $100.71.

Otis Worldwide Trading Up 1.2%

Otis Worldwide stock traded up $1.16 on Thursday, hitting $96.56. 888,061 shares of the stock traded hands, compared to its average volume of 2,306,918. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a market cap of $38.11 billion, a P/E ratio of 23.78 and a beta of 0.98. The business's fifty day simple moving average is $96.01 and its 200 day simple moving average is $97.12.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the prior year, the company earned $0.88 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

Otis Worldwide 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.