Otis Worldwide Corporation (NYSE:OTIS) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Otis Worldwide Corporation by 16% this quarter, acquiring an additional 571,489 shares, bringing its total ownership to approximately 4.14 million shares valued at $427 million.
• Several hedge funds, including Vanguard Group Inc. and GAMMA Investing LLC, have also increased their stakes in Otis Worldwide, collectively showing strong institutional interest in the company.
• Otis Worldwide's recent earnings report indicated an EPS of $1.05, slightly above analyst expectations, though its revenue of $3.60 billion fell short of projections, reflecting a 0.2% decline year-over-year.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 16.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,138,076 shares of the company's stock after buying an additional 571,489 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 1.05% of Otis Worldwide worth $427,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the 1st quarter worth about $25,000. Transce3nd LLC acquired a new position in Otis Worldwide during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide during the first quarter valued at approximately $31,000. Finally, Cheviot Value Management LLC acquired a new position in Otis Worldwide during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price target 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, July 24th. Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Finally, Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.11 during midday trading on Friday, hitting $87.44. 3,025,030 shares of the company were exchanged, compared to its average volume of 3,887,888. The company's fifty day moving average price is $94.92 and its 200-day moving average price is $96.82. The company has a market cap of $34.32 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 4.19 and a beta of 0.95. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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 negative return on equity of 30.95% and a net margin of 10.68%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the previous year, the company posted $1.06 EPS. Otis Worldwide's revenue for the quarter 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 fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

About Otis Worldwide

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.