Otis Worldwide Corporation (NYSE:OTIS) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,401 shares of the company's stock after acquiring an additional 4,517 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Otis Worldwide were worth $6,853,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTIS. Transce3nd LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $25,000. NBC Securities Inc. purchased a new stake in Otis Worldwide in the 1st quarter valued at about $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. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $35,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. Wells Fargo & Company increased their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Royal Bank Of Canada dropped 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 note on Monday, April 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Two investment 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.com, Otis Worldwide has a consensus rating of "Hold" and an average target price of $101.43.

Otis Worldwide Trading Down 0.3%

Shares of NYSE:OTIS traded down $0.29 on Friday, reaching $99.51. 1,052,322 shares of the company were exchanged, compared to its average volume of 2,329,593. The company has a 50-day moving average of $96.56 and a 200-day moving average of $96.75. The firm has a market cap of $39.27 billion, a price-to-earnings ratio of 26.12 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.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 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 during the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter last year, the business posted $0.88 EPS. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. As a group, analysts forecast 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. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. 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 payout ratio is presently 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.