Nisa Investment Advisors LLC Grows Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Nisa Investment Advisors LLC grew its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 16.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,687 shares of the company's stock after purchasing an additional 16,061 shares during the quarter. Nisa Investment Advisors LLC's holdings in Otis Worldwide were worth $12,042,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the first quarter worth approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

OTIS traded up $0.57 during trading on Monday, hitting $100.06. The stock had a trading volume of 1,896,950 shares, compared to its average volume of 2,322,673. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83. The firm has a market capitalization of $39.49 billion, a P/E ratio of 26.26 and a beta of 0.98. The company's 50-day moving average price is $97.08 and its 200 day moving average price is $97.02.

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. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the prior year, the company posted $0.88 earnings per share. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide's payout ratio is 44.09%.

Analyst Ratings Changes

OTIS has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Barclays lifted their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday. They set a "hold" rating and a $109.00 target price on the stock. Finally, Morgan Stanley upped their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $103.63.

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.