20,905 Shares in Otis Worldwide Corporation (NYSE:OTIS) Purchased by ASR Vermogensbeheer N.V.

Key Points

• ASR Vermogensbeheer N.V. has acquired a new stake in Otis Worldwide Corporation worth approximately $2,157,000, purchasing 20,905 shares during the first quarter.
• Analysts have mixed views on Otis, with price targets ranging from $90.00 to $109.00, resulting in a consensus rating of "Hold" and an average target price of $102.50.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, with a dividend yield of 1.9%, highlighting its commitment to returning value to shareholders.

ASR Vermogensbeheer N.V. purchased a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 20,905 shares of the company's stock, valued at approximately $2,157,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Simon Quick Advisors LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $443,000. SG Americas Securities LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $2,533,000. Quintet Private Bank Europe S.A. raised its stake in shares of Otis Worldwide by 3.4% during the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Otis Worldwide by 362.4% during the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OTIS. Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Down 1.6%

Shares of OTIS traded down $1.41 during trading hours on Monday, reaching $86.06. 4,171,302 shares of the company traded hands, compared to its average volume of 2,746,468. The stock has a market capitalization of $33.78 billion, a P/E ratio of 22.77, a P/E/G ratio of 4.20 and a beta of 0.95. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The business has a fifty day moving average price of $94.92 and a 200-day moving average price of $96.83.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 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.