Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,726 shares of the company's stock after buying an additional 4,158 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Otis Worldwide were worth $16,443,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $25,000. Transce3nd LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $0.55 during trading hours on Friday, hitting $99.41. The stock had a trading volume of 1,187,189 shares, compared to its average volume of 2,320,662. The stock has a market capitalization of $39.24 billion, a price-to-earnings ratio of 25.83 and a beta of 0.98. Otis Worldwide Corporation has a 1-year low of $89.70 and a 1-year high of $106.83. The stock's fifty day moving average is $97.04 and its two-hundred day moving average is $96.94.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. Otis Worldwide's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.69%. Otis Worldwide's dividend payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Morgan Stanley upped their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday. Wells Fargo & Company upped their price objective on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $102.86.

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.