Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 71,086 shares of the company's stock, valued at approximately $7,336,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Vanguard Group Inc. lifted its stake in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after purchasing an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Otis Worldwide during the fourth quarter worth about $66,962,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after buying an additional 571,489 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after buying an additional 501,016 shares in the last quarter. Institutional investors own 88.03% of the company's stock.
Otis Worldwide Trading Down 1.8%
Shares of OTIS stock traded down $1.60 during mid-day trading on Thursday, reaching $87.63. The stock had a trading volume of 2,524,005 shares, compared to its average volume of 2,752,333. The firm has a market capitalization of $34.39 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 4.23 and a beta of 0.95. The stock's 50-day moving average price is $94.49 and its two-hundred day moving average price is $96.65. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.
Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The business's quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the company earned $1.06 EPS. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. 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 report on Monday, July 28th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Finally, 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 report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $102.50.
Check Out Our Latest Stock Analysis on OTIS
About Otis Worldwide
(
Free Report)
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.
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