Asset Management One Co. Ltd. Grows Position in Otis Worldwide Corporation (NYSE:OTIS)

Asset Management One Co. Ltd. grew its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,432 shares of the company's stock after buying an additional 9,817 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Otis Worldwide were worth $16,557,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of 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. increased its position in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC increased its position in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. increased its position in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank purchased a new stake in Otis Worldwide during the 4th quarter worth about $649,883,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.71.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.09 during mid-day trading on Friday, reaching $97.61. The company's stock had a trading volume of 2,998,824 shares, compared to its average volume of 2,335,386. The company's fifty day simple moving average is $96.21 and its two-hundred day simple moving average is $96.67. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83. The stock has a market cap of $38.52 billion, a P/E ratio of 25.62 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The firm also recently declared 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 1.72%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

About Otis Worldwide

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.