Otis Worldwide Corporation (NYSE:OTIS) Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 224,242 shares of the company's stock after purchasing an additional 8,700 shares during the period. KLP Kapitalforvaltning AS owned 0.06% of Otis Worldwide worth $23,142,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Coldstream Capital Management Inc. increased its position in shares of Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after buying an additional 110 shares during the last quarter. AlTi Global Inc. grew its position in shares of Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after buying an additional 113 shares during the last quarter. Reynders McVeigh Capital Management LLC grew its position in shares of Otis Worldwide by 6.9% in the 4th quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock valued at $208,000 after buying an additional 145 shares during the last quarter. Finally, Graypoint LLC grew its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after buying an additional 147 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.57 during mid-day trading on Friday, hitting $89.77. The stock had a trading volume of 4,084,243 shares, compared to its average volume of 2,628,104. Otis Worldwide Corporation has a fifty-two week low of $86.00 and a fifty-two week high of $106.83. The firm has a market cap of $35.43 billion, a PE ratio of 23.75, a PEG ratio of 2.46 and a beta of 0.98. The company's 50-day simple moving average is $96.96 and its 200-day simple moving average is $97.29.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the business earned $1.06 EPS. The business's revenue was down .2% on a year-over-year basis. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Analysts Set New Price Targets

A number of research analysts recently commented on OTIS shares. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average price target of $102.50.

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.