Mn Services Vermogensbeheer B.V. Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Mn Services Vermogensbeheer B.V. reduced its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,100 shares of the company's stock after selling 11,500 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Otis Worldwide were worth $15,284,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OTIS. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after acquiring an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. lifted its position in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth approximately $649,883,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several research reports. Royal Bank of Canada lowered 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 report on Monday, April 28th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average price target of $100.71.

Otis Worldwide Trading Down 1.3%

Shares of NYSE:OTIS opened at $95.72 on Monday. The stock has a market capitalization of $37.78 billion, a P/E ratio of 23.58 and a beta of 0.98. The stock's 50-day moving average price is $96.20 and its 200-day moving average price is $96.96. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Otis Worldwide's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.76%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend 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.

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