Retirement Systems of Alabama Has $9.09 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Retirement Systems of Alabama reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 87,437 shares of the company’s stock after selling 1,753 shares during the quarter. Retirement Systems of Alabama’s holdings in Otis Worldwide were worth $9,088,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of OTIS. Appian Way Asset Management LP acquired a new stake in Otis Worldwide in the second quarter valued at $991,000. Daiwa Securities Group Inc. grew its position in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the last quarter. Blair William & Co. IL increased its stake in shares of Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after buying an additional 9,643 shares during the period. Public Sector Pension Investment Board raised its position in shares of Otis Worldwide by 3.2% during the second quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after acquiring an additional 6,259 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of Otis Worldwide by 6.3% in the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock worth $23,784,000 after acquiring an additional 13,602 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $96.19 on Tuesday. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The company has a market cap of $38.42 billion, a PE ratio of 23.99 and a beta of 1.04. The stock has a 50-day moving average of $101.24 and a 200-day moving average of $98.02.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue was up .7% on a year-over-year basis. Analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Finally, Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $104.50.

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.