Nuveen LLC Invests $91.99 Million in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Nuveen LLC invested approximately $91.99 million in Otis Worldwide Corporation by acquiring 891,367 shares, representing a 0.23% ownership stake.
• Otis Worldwide reported earnings of $1.05 EPS for the quarter, exceeding analysts' estimates, although its revenue decreased by 0.2% year-over-year.
• The firm announced a quarterly dividend of $0.42 per share, with an annual yield of 1.9%, scheduled to be paid to shareholders on September 5th.

Nuveen LLC purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 891,367 shares of the company's stock, valued at approximately $91,989,000. Nuveen LLC owned approximately 0.23% of Otis Worldwide as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. GAMMA Investing LLC boosted its position in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after acquiring an additional 814,057 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $66,962,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after acquiring an additional 571,489 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 2.4%

Shares of NYSE:OTIS opened at $88.08 on Wednesday. The firm has a 50-day simple moving average of $94.62 and a 200 day simple moving average of $96.70. The company has a market cap of $34.57 billion, a PE ratio of 23.30, a P/E/G ratio of 4.13 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 posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's revenue was down .2% on a year-over-year basis. During the same period in the previous year, the business posted $1.06 EPS. As a group, research analysts forecast 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. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio is currently 44.44%.

Analyst Upgrades and Downgrades

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

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.

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