EFG Asset Management Americas Corp. Invests $797,000 in Otis Worldwide (NASDAQ:OTIS)

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EFG Asset Management Americas Corp. purchased a new position in Otis Worldwide (NASDAQ:OTIS) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 14,022 shares of the company’s stock, valued at approximately $797,000.

Several other institutional investors and hedge funds also recently bought and sold shares of OTIS. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Otis Worldwide in the 2nd quarter worth about $134,908,000. Sarasin & Partners LLP purchased a new position in Otis Worldwide in the 2nd quarter worth about $126,278,000. Massachusetts Financial Services Co. MA purchased a new position in Otis Worldwide in the 1st quarter worth about $106,956,000. Scharf Investments LLC purchased a new position in Otis Worldwide in the 2nd quarter worth about $41,137,000. Finally, Guinness Asset Management LTD purchased a new position in Otis Worldwide in the 2nd quarter worth about $33,759,000.

A number of brokerages have weighed in on OTIS. Vertical Research began coverage on Otis Worldwide in a research report on Monday, April 6th. They issued a “buy” rating and a $53.00 target price for the company. Atlantic Securities assumed coverage on Otis Worldwide in a research note on Tuesday, April 14th. They set an “overweight” rating for the company. Barclays restated a “hold” rating on shares of Otis Worldwide in a research note on Friday, May 8th. Zacks Investment Research downgraded Otis Worldwide from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Cowen restated a “buy” rating and set a $64.00 price target on shares of Otis Worldwide in a research note on Monday, June 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $58.63.

In related news, insider Montlivault Stephane De sold 10,454 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $51.81, for a total value of $541,621.74. Following the transaction, the insider now directly owns 1,403 shares of the company’s stock, valued at approximately $72,689.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Shares of NASDAQ:OTIS traded down $0.65 during mid-day trading on Friday, reaching $62.74. 3,156,178 shares of the company traded hands, compared to its average volume of 4,532,898. The stock’s 50 day simple moving average is $57.45. The company has a market capitalization of $27.17 billion and a price-to-earnings ratio of 32.68. Otis Worldwide has a 52 week low of $38.00 and a 52 week high of $64.52.

Otis Worldwide (NASDAQ:OTIS) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.12. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.92 billion. The company’s revenue was down 9.6% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.28%. Otis Worldwide’s dividend payout ratio is presently 41.67%.

Otis Worldwide Profile

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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