Telos Capital Management Inc., a financial management firm, recently disclosed that it has reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 69.0% during the second quarter of this fiscal year. According to the Securities and Exchange Commission filing, Telos Capital Management Inc. now holds 4,928 shares after selling 10,945 shares during the quarter. The total value of their holdings in Otis Worldwide was reported to be $439,000 at the time of filing.
In its latest earnings report released on July 26th, Otis Worldwide announced earnings per share of $0.92 for the quarter, surpassing analysts’ consensus estimates of $0.86 by $0.06. The company’s revenue for the same period was $3.72 billion, exceeding analyst expectations of $3.59 billion. It is worth noting that Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. Moreover, the company experienced a 6.7% increase in revenue compared to the previous year’s quarter when it earned $0.86 EPS.
Market analysts have expressed their opinions on Otis Worldwide’s stock performance as well. HSBC raised their price target on shares of Otis Worldwide from $81.00 to $88.00 in a recent research report published on June 23rd, while Barclays lowered their price target from $80.00 to $76.00 on September 7th this year.
Royal Bank of Canada also provided their analysis and increased Otis Worldwide’s price target from $96.00 to $100.00 in a report released on July 28th.
Another notable opinion came from TheStreet which upgraded its rating for Otis Worldwide from “c+” to “b” in their report published on July 26th.
Wells Fargo & Company adjusted its price target for Otis Worldwide as well, raising it from $88.00 to $90.00 in their report on July 10th.
Overall, six equities research analysts have given the stock a hold rating, while one has issued a buy rating for Otis Worldwide’s shares. According to data from Bloomberg.com, the consensus rating for the company is “Hold” with a consensus target price of $87.86.
It is essential to view these ratings within the context of current market dynamics as they may change over time based on various factors such as financial performance and industry trends.
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Significant Investor Position Changes and Insider Trading Activities Surround Otis Worldwide Stock
In recent news, Otis Worldwide, a leading manufacturer of elevators, escalators, and moving walkways, has seen significant changes in its investor positions. Notably, Norges Bank bought a new position in the company during the 4th quarter, amounting to approximately $370 million. This move showcases Norges Bank’s confidence in the future prospects of Otis Worldwide.
Another notable investor is Bank Julius Baer & Co. Ltd Zurich, which witnessed an exponential growth of 1,706.2% in its position during the 2nd quarter. The bank now owns over 2 million shares of Otis Worldwide’s stock, valued at $195 million. Wellington Management Group LLP also increased its position by 54.3% during the 1st quarter and currently holds over 4 million shares worth $324 million.
StonePine Asset Management Inc., another institutional investor, experienced remarkable growth of 692.9% during the same period and now possesses around 1.7 million shares worth $142 million. Similarly, Goldman Sachs Group Inc., renowned for its investments globally, witnessed a significant increase of 66.9% in its shareholdings during the 1st quarter.
Together with other institutional investors and hedge funds, these entities own a substantial majority of Otis Worldwide’s stock – specifically accounting for around 85% ownership within the company.
Moving on to insider trading activities within Otis Worldwide, notable transactions have taken place recently among key individuals associated with the company. CAO Michael Patrick Ryan sold a notable number of shares in late July at an average price of $90.50 per share – resulting in a total value of $576,666. This transaction was publicly disclosed through a filing with the SEC (Securities and Exchange Commission), which can be accessed on their official website.
Additionally, insider Fernandez Bernardo Calleja sold around 4,000 shares at an average price of $90.70, amounting to a value of $362,074.40. Following this transaction, Calleja now holds approximately 42,097 shares with an estimated value of $3.8 million.
Furthermore, CAO Michael Patrick Ryan made another sale of 6,372 shares on the very same day as the previous transaction, at the average price of $90.50 per share – totaling $576,666.
It is essential to note that these transactions were diligently disclosed and are publicly available on the SEC website for interested parties to review.
As a public company, Otis Worldwide’s stock is traded under the ticker symbol “OTIS” and opened at $79.51 on Tuesday. Over the past year, the company’s stock has experienced a low point of $62.49 and reached a high point of $91.33 – indicating some volatility within the market.
With a market cap of approximately $32.74 billion and a P/E ratio of 25.08, Otis Worldwide continues to be an attractive investment option for many in the industry. The company also boasts a beta value of 0.98, reflecting its sensitivity to market fluctuations but remaining relatively stable overall.
In conclusion, Otis Worldwide has witnessed remarkable changes in investor positions and notable insider trading activities in recent months. With renowned institutional investors acquiring significant stakes and insiders selling shares at opportune times, it is evident that there is multiple ongoing interest and actions surrounding Otis Worldwide’s stock. However, it remains imperative for investors to conduct thorough research based on their own financial strategies before making any investment decisions in relation to this company’s stock.
