On September 17, 2023, it was reported that &First Affirmative Financial Network had acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the second quarter. According to the company’s recent disclosure with the Securities and Exchange Commission (SEC), the fund purchased 2,266 shares of Otis Worldwide, valued at approximately $202,000.
In light of this news, several equities research analysts have provided their insights on Otis Worldwide’s stock. Wells Fargo & Company, for instance, increased their price target from $88.00 to $90.00 in a research report dated July 10th. Similarly, HSBC raised their target price from $81.00 to $88.00 on June 23rd. However, Barclays lowered their price target on Otis Worldwide from $80.00 to $76.00 on September 7th.
TheStreet also weighed in by upgrading Otis Worldwide’s rating from a “c+” to a “b” in a research note released on July 26th. Lastly, Royal Bank of Canada raised their target price on the stock from $96.00 to $100.00 on July 28th. As per data from Bloomberg, the current average rating for Otis Worldwide is “Hold,” with six investment analysts assigning a hold rating and one providing a buy rating for the company. The consensus target price is set at $87.86.
Furthermore, as of Friday’s opening market session, Otis Worldwide Co.’s stock was trading at $81.12 per share. The business has recorded a fifty-day moving average price of $86.34 and a two-hundred-day moving average price of $84.86 respectively.
Considering its market capitalization stands at approximately $33.40 billion and its beta is calculated to be 0.97; it can be noted that Otis Worldwide Co. holds a strong position within the industry. Over the past year, its share price has ranged from a low of $62.49 to a high of $91.33.
In conclusion, &First Affirmative Financial Network’s recent purchase of shares in Otis Worldwide Co., as reported by the SEC, highlights the interest and potential profitability associated with investing in this company. With the varying opinions from equities research analysts and an average rating of “Hold,” it remains to be seen how this investment will perform in the market going forward.
Institutional Investors Increase Stake in Otis Worldwide Holdings, Reflecting Confidence in Growth Potential
Institutional Investors Make Significant Changes to Otis Worldwide Holdings
September 17, 2023
Otis Worldwide Holdings, a leading manufacturer and servicer of elevators and escalators, has experienced notable changes in its ownership structure as various hedge funds and institutional investors have made adjustments to their positions in the company. Notably, Norges Bank purchased a new stake in the company during the fourth quarter, valued at approximately $370 million. This move signals Norges Bank’s confidence in Otis Worldwide’s potential for growth and profitability.
Another prominent institutional investor, Wellington Management Group LLP, significantly raised its holdings in Otis Worldwide during the first quarter. The group now owns over 4 million shares of the company’s stock worth a staggering $325 million. This substantial increase demonstrates Wellington Management Group’s belief in the long-term prospects of Otis Worldwide.
Furthermore, StonePine Asset Management Inc., with an astonishing 692.9% lift in position during the first quarter, now holds over 1.6 million shares valued at $142 million. Goldman Sachs Group Inc. also boosted its stake by nearly 67%, indicating its optimism toward Otis Worldwide’s future performance.
Lazard Asset Management LLC increased its position by over one-third during the same period, now owning nearly 3.9 million shares valued at approximately $300 million. These restructuring movements showcase institutional investors’ confidence and trust in the direction that Otis Worldwide is headed.
It is worth mentioning that these institutions currently hold approximately 85% of Otis Worldwide’s outstanding stock alongside other hedge funds. This significant ownership by well-established industry players demonstrates a collective belief in the company’s potential for success.
In other news related to Otis Worldwide Holdings, there have been recent insider trading activities within the organization as well. CAO Michael Patrick Ryan sold over 6,000 shares on July 28th at an average price of $90.50 per share, amounting to a total transaction of $576,666. Additionally, another insider named Fernandez Bernardo Calleja sold 3,992 shares at an average price of $90.70 per share on the same day.
The company has also attracted the attention of equities research analysts, with several commenting on its stock. Wells Fargo & Company raised their price target for Otis Worldwide from $88.00 to $90.00 while HSBC increased its target price from $81.00 to $88.00. However, Barclays decreased its price target from $80.00 to $76.00, presenting contrasting views among experts about the company’s future performance.
Otis Worldwide released its earnings report on July 26th, beating analysts’ consensus estimates by reporting earnings per share (EPS) of $0.92 for the quarter compared to the expected EPS of $0.86. Additionally, the company posted revenue of $3.72 billion for the quarter, surpassing consensus estimates of $3.59 billion.
As a testament to its commitment to value shareholders, Otis Worldwide announced a quarterly dividend payment of $0.34 per share on September 8th for stockholders of record as of August 18th. This represents an annualized dividend yield of 1.68% and underscores the company’s dedication to rewarding investors.
Overall, these recent developments in ownership restructuring and insider trading activity reflect high uncertainty surrounding Otis Worldwide Holdings in terms of future performance and potential growth opportunities within the industry it operates in.