Mirae Asset Global Investments Co. Ltd. Buys 16,583 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Mirae Asset raised its stake in Otis by 31.0%, buying 16,583 shares to hold 70,131 shares worth $6.13 million, and institutional investors now own about 88.03% of the stock.
• Insiders sold heavily last quarter — a total of 158,013 shares valued at $14.34 million, including CEO Judith Fran Marks' sale of 56,107 shares and EVP Neil Green's sale of 6,000 shares, leaving insiders with just 0.23% ownership.
• Otis has a market cap of $31.35 billion, a P/E of 23.04, a 52-week range of $75.27–$101.42 and pays a $0.42 quarterly dividend (annualized $1.68, ~2.1% yield); analysts' consensus rating is Hold with a $98.90 price target.

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 31.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,131 shares of the company's stock after buying an additional 16,583 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Otis Worldwide were worth $6,126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Van ECK Associates Corp raised its position in Otis Worldwide by 3,464.3% in the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company's stock valued at $184,942,000 after purchasing an additional 1,966,019 shares during the last quarter. AQR Capital Management LLC raised its position in Otis Worldwide by 125.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock valued at $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. Squarepoint Ops LLC raised its position in Otis Worldwide by 199.6% in the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company's stock valued at $185,612,000 after purchasing an additional 1,352,530 shares during the last quarter. Independent Franchise Partners LLP bought a new position in Otis Worldwide in the 3rd quarter valued at $100,435,000. Finally, CIBC Private Wealth Group LLC raised its position in Otis Worldwide by 54.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company's stock valued at $264,277,000 after purchasing an additional 1,013,876 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $80.65 on Tuesday. The stock has a fifty day moving average of $84.43 and a 200-day moving average of $87.58. The stock has a market capitalization of $31.35 billion, a P/E ratio of 23.04, a price-to-earnings-growth ratio of 2.49 and a beta of 1.05. Otis Worldwide Corporation has a 52 week low of $75.27 and a 52 week high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.93 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.23 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is 48.00%.

Insider Transactions at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares of the company's stock, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company's stock, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 over the last quarter. Corporate insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research analyst reports. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, April 8th. Evercore initiated coverage on Otis Worldwide in a research report on Monday, April 13th. They issued an "outperform" rating and a $100.00 price objective for the company. Barclays cut their price objective on Otis Worldwide from $90.00 to $80.00 and set an "underweight" rating for the company in a research report on Wednesday, April 1st. Wall Street Zen downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company cut their price objective on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 1st. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $98.90.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.

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