IFM Investors Pty Ltd lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,161 shares of the company's stock after purchasing an additional 7,873 shares during the quarter. IFM Investors Pty Ltd's holdings in Otis Worldwide were worth $8,644,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in OTIS. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $649,883,000. Institutional investors and hedge funds own 88.03% of the company's stock.
Otis Worldwide Stock Performance
NYSE:OTIS traded up $0.23 during mid-day trading on Monday, reaching $99.74. 1,913,874 shares of the company's stock were exchanged, compared to its average volume of 2,330,691. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The business's fifty day simple moving average is $96.70 and its two-hundred day simple moving average is $96.82. The firm has a market capitalization of $39.37 billion, a PE ratio of 25.71 and a beta of 0.98.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.88 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.
Otis Worldwide Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders 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 yield of 1.68%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.
Analyst Ratings Changes
Several analysts have issued reports on the company. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $101.43.
Check Out Our Latest Stock Analysis on Otis Worldwide
Otis Worldwide Company Profile
(
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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