Mitsubishi UFJ Asset Management UK Ltd. Sells 19,000 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. has significantly decreased its stake in Otis Worldwide Corporation by selling 19,000 shares, representing an 86.4% reduction in its holdings.
• Otis Worldwide's stock is currently trading at $89.22, with a market capitalization of $35.02 billion and a PE ratio of 23.60, reflecting robust investor interest despite a slight drop in year-over-year revenue.
• The company recently announced a quarterly dividend of $0.42 per share, contributing to an annualized yield of 1.9% and indicating a healthy payout ratio of 44.44%.

Mitsubishi UFJ Asset Management UK Ltd. lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 86.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,000 shares of the company's stock after selling 19,000 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Otis Worldwide were worth $310,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. increased its holdings in Otis Worldwide by 2.9% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,285 shares of the company's stock valued at $1,061,000 after purchasing an additional 292 shares in the last quarter. National Pension Service increased its holdings in Otis Worldwide by 8.5% during the 1st quarter. National Pension Service now owns 612,935 shares of the company's stock valued at $63,255,000 after purchasing an additional 48,164 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Otis Worldwide by 1.3% during the 1st quarter. Russell Investments Group Ltd. now owns 1,362,921 shares of the company's stock valued at $140,519,000 after purchasing an additional 17,370 shares in the last quarter. Resona Asset Management Co. Ltd. raised its stake in shares of Otis Worldwide by 6.3% in the first quarter. Resona Asset Management Co. Ltd. now owns 123,833 shares of the company's stock worth $12,759,000 after acquiring an additional 7,317 shares during the last quarter. Finally, Rathbones Group PLC lifted its position in shares of Otis Worldwide by 5.8% during the first quarter. Rathbones Group PLC now owns 512,694 shares of the company's stock worth $52,910,000 after purchasing an additional 28,330 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.2%

Shares of Otis Worldwide stock opened at $89.22 on Thursday. The business has a fifty day simple moving average of $94.49 and a 200 day simple moving average of $96.65. The stock has a market cap of $35.02 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 4.23 and a beta of 0.95. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 earnings per share. 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 issued a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's payout ratio is currently 44.44%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on OTIS shares. Barclays reduced their target price 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. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $102.50.

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.

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