National Pension Service Has $63.26 Million Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• The National Pension Service increased its stake in Otis Worldwide Corporation by 8.5%, holding approximately 612,935 shares valued at about $63.26 million.
• Analysts have mixed ratings on Otis, with target prices ranging from $90.00 to $109.00, and a current consensus rating of "Hold."
• Otis Worldwide announced a quarterly dividend of $0.42 per share, translating to an annualized dividend of $1.68 with a yield of 1.9%.

National Pension Service boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 612,935 shares of the company's stock after buying an additional 48,164 shares during the quarter. National Pension Service owned about 0.16% of Otis Worldwide worth $63,255,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Coldstream Capital Management Inc. grew its position in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. grew its position in shares of Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after purchasing an additional 113 shares during the last quarter. Graypoint LLC grew its position in shares of Otis Worldwide by 3.4% in the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after purchasing an additional 147 shares during the last quarter. Finally, Courier Capital LLC grew its position in shares of Otis Worldwide by 6.2% in the first quarter. Courier Capital LLC now owns 2,566 shares of the company's stock valued at $265,000 after purchasing an additional 150 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OTIS shares. Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Trading Down 1.8%

NYSE OTIS opened at $87.63 on Friday. The stock's 50 day moving average is $94.34 and its two-hundred day moving average is $96.58. The company has a market capitalization of $34.39 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.29 and a beta of 0.95. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its 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. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. Otis Worldwide's revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

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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