Arizona State Retirement System Acquires 3,147 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Arizona State Retirement System increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,230 shares of the company's stock after acquiring an additional 3,147 shares during the period. Arizona State Retirement System's holdings in Otis Worldwide were worth $12,098,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC boosted its position in Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after buying an additional 95,035 shares in the last quarter. Franklin Resources Inc. boosted its position in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after buying an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $649,883,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Up 0.8%

OTIS traded up $0.82 during midday trading on Thursday, hitting $101.16. The company had a trading volume of 1,425,469 shares, compared to its average volume of 2,318,672. The company has a market capitalization of $39.92 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 2.72 and a beta of 0.98. The stock's 50 day moving average price is $97.33 and its 200 day moving average price is $97.17. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the company earned $0.88 earnings per share. The business's revenue was down 2.5% on a year-over-year basis. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.66%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $101.00 to $109.00 in a research note on Tuesday. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $104.63.

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.