Mitsubishi UFJ Asset Management Co. Ltd. decreased its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,685,310 shares of the company's stock after selling 92,842 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 1.20% of Otis Worldwide worth $413,900,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth $26,000. Camelot Portfolios LLC bought a new stake in Otis Worldwide in the fourth quarter valued at about $26,000. Stance Capital LLC acquired a new position in Otis Worldwide in the third quarter worth about $27,000. Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $31,000. Finally, Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company's stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Institutional investors own 88.03% of the company's stock.
Analyst Upgrades and Downgrades
OTIS has been the subject of a number of research analyst reports. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. Wells Fargo & Company lowered their target price on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $97.64.
Get Our Latest Research Report on Otis Worldwide
Insiders Place Their Bets
In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company's stock in a transaction that occurred 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 owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer owned 3,504 shares of the company's stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 105,233 shares of company stock valued at $9,628,850 in the last 90 days. 0.14% of the stock is currently owned by insiders.
Otis Worldwide Price Performance
Otis Worldwide stock opened at $75.62 on Wednesday. The firm has a market capitalization of $29.02 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 2.49 and a beta of 0.95. The company's 50 day simple moving average is $81.99 and its 200 day simple moving average is $86.77. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $101.42.
Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter last year, the business posted $0.92 earnings per share. The company's revenue for the quarter was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.18 EPS for the current fiscal year.
Otis Worldwide Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a $0.44 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, May 15th. Otis Worldwide's payout ratio is presently 44.68%.
About Otis Worldwide
(
Free Report)
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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