On September 19, 2023, it was reported that Atlantic Union Bankshares Corp had significantly increased its stake in shares of Otis Worldwide Co. This was indicated in the company’s Form 13F filing with the Securities & Exchange Commission for the second quarter. The institutional investor owned 21,523 shares of Otis Worldwide’s stock after acquiring an additional 13,170 shares during the period. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were valued at $1,916,000 as of its most recent filing.
This news comes amidst several equities analysts providing their insights on OTIS shares. Barclays, for example, reduced their target price on Otis Worldwide from $80.00 to $76.00 in a report released on September 7th. Conversely, Wells Fargo & Company raised their target price on the company from $88.00 to $90.00 in a report published on July 10th.
In another report by TheStreet on July 26th, Otis Worldwide was upgraded from a “c+” rating to a “b” rating. Additionally, HSBC also raised their target price on the company from $81.00 to $88.00 in a report dated June 23rd. Lastly, Royal Bank of Canada increased their price target for Otis Worldwide from $96.00 to $100.00 on July 28th.
Overall, six investment analysts have provided a hold rating for OTIS stock while one analyst has assigned a buy rating to the company’s shares based on consensus data obtained from Bloomberg. The average target price for the stock stands at $87.86.
OTIS opened at $81.39 on Tuesday and has demonstrated a fifty-two week low of $62.49 and a fifty-two week high of $91.33 so far. Moreover, its 50-day moving average is recorded at $86.23 and its 200-day moving average at $84.83. The company currently boasts a market capitalization of $33.51 billion, a price-to-earnings ratio of 25.68, and a beta of 0.97.
This information highlights the recent activity surrounding Atlantic Union Bankshares Corp’s stake in Otis Worldwide Co., along with the insights shared by equities analysts on the stock’s performance and target prices. Investors will continue to monitor these developments while assessing the potential for future growth and returns within the company’s stock market trajectory.
InMode Ltd.
INMD
Buy
Updated on: 02/10/2023
Healthy 
Institutional Investors and Analysts Show Interest in Otis Worldwide Stock as Sales and Dividends Continue
Otis Worldwide (NYSE:OTIS) has seen some notable activity from institutional investors and hedge funds in recent months. American Century Companies Inc. increased its position in the company by 8.6%, owning 7,817 shares worth $601,000 after acquiring an additional 620 shares during the last quarter. Cibc World Market Inc. also boosted its position by 3%, now owning 11,669 shares worth $898,000 after acquiring an additional 338 shares. Moors & Cabot Inc. increased its position by 7.7% and now owns 6,574 shares worth $506,000 after acquiring an additional 469 shares. Sequoia Financial Advisors LLC saw a significant increase of 25.3% with their position, now owning 3,536 shares worth $272,000 after acquiring an additional 715 shares.
In other news related to Otis Worldwide, insider Fernandez Bernardo Calleja sold off a total of 3,992 shares on July 28th for a value of $362,074.40. Following the sale, Calleja now directly owns 42,097 shares valued at approximately $3,818,197.90. CAO Michael Patrick Ryan also sold off a total of 6,372 shares on July 28th for a value of $576,666.
Various equities analysts have provided their opinions on Otis Worldwide as well. Barclays decreased their target price from $80 to $76 in their report released on September 7th. Meanwhile,Wells Fargo & Company increased their target price from $88 to $90 on July10th.TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating in their report released on July26th.HSBC also raised their target price from$81 to$88on June23rd.Royal Bank of Canada pushed uptheirprice target on the company from $96 to $100 on July28th.Given these ratings, Otis Worldwide currently holds a consensus rating of”Hold” and an average target price of$87.86.
Last July 26th, Otis Worldwide announced its earnings results for the quarter, reporting $0.92 earnings per share (EPS), surpassing the estimated $0.86 by an impressive margin of $0.06. Additionally, Otis Worldwide revealed a net margin of 9.59% and negative return on equity of 28.62%. The company generated revenue of $3.72 billion for the quarter, exceeding the earlier consensus estimate of $3.59 billion.During the same period last year, Otis Worldwide earned EPS of $0.86 with a 6.7% increase in revenue.Year-to-date analysts are predicting that the company will post an EPS of 3.47.
The latest development also involved a quarterly dividend announcement by Otis Worldwide.The dividend was paid out on September 8th to shareholders who were recorded as of August 18th.The dividend came in at $0.34 per share, representing an annualized payout ratio of 42.90% and a yield percentage of1.67%. The ex-dividend date for this occurred on August17th.
As we wrap up the discussion surrounding Otis Worldwide, it is clear that there is considerable interest from various institutional investors and hedge funds in determining their position within the company’s stock holdings.While insider sales took place during July,such activities can be seen as profit taking or diversification strategies.Whilst shareholders continue to receive dividends from their investments.It remains to be seen what direction Otis Worldwide will take as it moves forward into the remainderof this year and beyond.
Discussion about this post