Assenagon Asset Management S.A. Acquires 343,987 Shares of Otis Worldwide Co. (NYSE:OTIS)

Assenagon Asset Management S.A. raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 362.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 438,896 shares of the company's stock after purchasing an additional 343,987 shares during the quarter. Assenagon Asset Management S.A. owned 0.11% of Otis Worldwide worth $45,294,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at about $25,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide in the first quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $28,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $33,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Royal Bank of Canada decreased their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $1.23 during mid-day trading on Friday, hitting $95.72. The stock had a trading volume of 1,873,523 shares, compared to its average volume of 2,317,869. The company's 50 day moving average is $96.10 and its 200-day moving average is $97.08. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The company has a market cap of $37.78 billion, a PE ratio of 23.58 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate 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 company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter last year, the company posted $0.88 earnings per share. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 4.04 EPS 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 dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. Otis Worldwide's payout ratio is 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.