11,607 Shares in Otis Worldwide Corporation (NYSE:OTIS) Purchased by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,607 shares of the company's stock, valued at approximately $1,198,000.

Other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC increased its holdings in shares of Otis Worldwide by 223.0% in the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company's stock worth $86,000 after purchasing an additional 640 shares in the last quarter. Private Advisor Group LLC lifted its position in Otis Worldwide by 2.8% during the fourth quarter. Private Advisor Group LLC now owns 21,404 shares of the company's stock valued at $1,982,000 after purchasing an additional 591 shares in the last quarter. Wealthspire Advisors LLC lifted its position in shares of Otis Worldwide by 8.4% in the fourth quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company's stock valued at $228,000 after acquiring an additional 190 shares in the last quarter. Howard Capital Management Inc. lifted its position in shares of Otis Worldwide by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 2,741 shares of the company's stock valued at $254,000 after acquiring an additional 139 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Otis Worldwide by 4.9% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,824 shares of the company's stock valued at $6,189,000 after acquiring an additional 3,100 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Otis Worldwide Stock Up 1.5%

Shares of Otis Worldwide stock traded up $1.48 during trading on Tuesday, reaching $97.46. The company's stock had a trading volume of 2,929,937 shares, compared to its average volume of 2,335,746. The company has a market cap of $38.46 billion, a price-to-earnings ratio of 25.58 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 company has a 50-day simple moving average of $96.25 and a two-hundred day simple moving average of $96.74.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid 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 dividend on an annualized basis and a yield of 1.72%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Otis Worldwide Company 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.