SEB Asset Management AB Acquires New Position in Otis Worldwide Corporation $OTIS

Key Points

• SEB Asset Management AB opened a new position in Otis Worldwide during the first quarter, buying 101,369 shares valued at about $7.8 million.
• Institutional ownership remains high, with the article noting that 88.03% of Otis stock is held by institutional investors and several other funds recently increased their stakes.
• Analyst sentiment is mixed: the consensus rating is Hold with an average price target of $96.55, while the stock was trading around $71.89 and had recently fallen 2.2%.

SEB Asset Management AB acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 101,369 shares of the company's stock, valued at approximately $7,814,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its stake in shares of Otis Worldwide by 5.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company's stock valued at $202,000 after purchasing an additional 123 shares during the last quarter. Boyd Watterson Asset Management LLC OH lifted its position in shares of Otis Worldwide by 4.0% during the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company's stock worth $281,000 after buying an additional 124 shares during the last quarter. Moors & Cabot Inc. boosted its stake in Otis Worldwide by 2.7% in the fourth quarter. Moors & Cabot Inc. now owns 4,741 shares of the company's stock valued at $414,000 after buying an additional 126 shares in the last quarter. Composition Wealth LLC boosted its stake in Otis Worldwide by 4.2% in the fourth quarter. Composition Wealth LLC now owns 3,258 shares of the company's stock valued at $285,000 after buying an additional 131 shares in the last quarter. Finally, Stephens Inc. AR grew its position in Otis Worldwide by 2.6% in the fourth quarter. Stephens Inc. AR now owns 5,222 shares of the company's stock valued at $456,000 after acquiring an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research analyst reports. Morgan Stanley set a $88.00 target price on Otis Worldwide in a research note on Friday, April 24th. Royal Bank Of Canada decreased their price target on shares of Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Barclays lowered their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a research report on Thursday, April 23rd. Weiss Ratings lowered shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Finally, Sanford C. Bernstein started coverage on shares of Otis Worldwide in a research report on Tuesday, June 9th. They issued an "outperform" rating and a $97.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $96.55.

Otis Worldwide Stock Down 2.2%

NYSE OTIS opened at $71.89 on Wednesday. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.64 and a beta of 0.90. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $101.14. The stock has a fifty day simple moving average of $72.03 and a 200 day simple moving average of $80.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The firm's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 earnings per share. Research analysts expect that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

About Otis Worldwide

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.

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