ProShare Advisors LLC lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 73,461 shares of the company's stock after purchasing an additional 6,698 shares during the quarter. ProShare Advisors LLC's holdings in Otis Worldwide were worth $6,803,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the business. Quantinno Capital Management LP boosted its position in Otis Worldwide by 109.5% during the 4th quarter. Quantinno Capital Management LP now owns 63,266 shares of the company's stock worth $5,859,000 after acquiring an additional 33,061 shares during the last quarter. Mufg Securities Americas Inc. acquired a new position in Otis Worldwide during the 4th quarter worth approximately $546,000. Nomura Holdings Inc. acquired a new position in Otis Worldwide during the 4th quarter worth approximately $1,219,000. NorthRock Partners LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $583,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Otis Worldwide during the 4th quarter worth approximately $3,217,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Otis Worldwide Stock Down 0.5%
Shares of NYSE OTIS traded down $0.44 during trading hours on Friday, hitting $96.74. The company had a trading volume of 2,286,762 shares, compared to its average volume of 2,333,170. The stock has a market capitalization of $38.18 billion, a P/E ratio of 23.83 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The firm's 50 day moving average is $97.72 and its 200-day moving average is $97.54.
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 for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the prior year, the business earned $0.88 EPS. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.
Otis Worldwide Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is 44.09%.
Analyst Ratings Changes
A number of equities analysts have weighed in on OTIS shares. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Royal Bank of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $100.71.
View Our Latest Analysis on OTIS
Insider Activity at Otis Worldwide
In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.
About Otis Worldwide
(
Free Report)
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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