Allianz Asset Management GmbH Buys 70,421 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Allianz Asset Management GmbH acquired an additional 70,421 shares of Otis Worldwide Corporation, increasing its holdings by 131.5% to a total of 123,969 shares valued at approximately $12.79 million.
• According to analysts, Otis Worldwide has a consensus rating of "Hold", with a target price averaging around $102.50 amid mixed ratings from various research firms.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, offering an annualized payout of $1.68 which translates to a dividend yield of 1.87%.

Allianz Asset Management GmbH increased its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 131.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 123,969 shares of the company's stock after acquiring an additional 70,421 shares during the quarter. Allianz Asset Management GmbH's holdings in Otis Worldwide were worth $12,794,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Simon Quick Advisors LLC acquired a new position in shares of Otis Worldwide in the first quarter worth approximately $443,000. SG Americas Securities LLC acquired a new position in shares of Otis Worldwide in the first quarter worth approximately $2,533,000. Quintet Private Bank Europe S.A. lifted its stake in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after acquiring an additional 9,467 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after acquiring an additional 343,987 shares during the period. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the first quarter worth approximately $225,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Royal Bank Of Canada dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $0.47 during midday trading on Tuesday, hitting $87.43. 747,076 shares of the stock traded hands, compared to its average volume of 2,638,435. The company has a market cap of $34.51 billion, a PE ratio of 23.12, a P/E/G ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $86.00 and a one year high of $106.83. The business has a 50 day moving average price of $96.75 and a two-hundred day moving average price of $97.31.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.06 earnings per share. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.92%. Otis Worldwide's dividend payout ratio is 44.44%.

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.