Penserra Capital Management LLC Acquires 7,464 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Penserra Capital Management LLC increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 258.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,350 shares of the company's stock after acquiring an additional 7,464 shares during the quarter. Penserra Capital Management LLC's holdings in Otis Worldwide were worth $1,067,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC lifted its stake in shares of Otis Worldwide by 80.8% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,581 shares of the company's stock valued at $679,000 after purchasing an additional 2,942 shares during the period. Wayfinding Financial LLC bought a new position in Otis Worldwide in the first quarter worth $31,000. Brookstone Capital Management bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $4,156,000. IFM Investors Pty Ltd boosted its holdings in shares of Otis Worldwide by 10.5% during the 1st quarter. IFM Investors Pty Ltd now owns 83,161 shares of the company's stock valued at $8,644,000 after buying an additional 7,873 shares in the last quarter. Finally, Calamos Advisors LLC grew its position in shares of Otis Worldwide by 1.1% in the 1st quarter. Calamos Advisors LLC now owns 67,250 shares of the company's stock worth $6,940,000 after buying an additional 743 shares during the period. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.6%

OTIS stock traded down $0.55 during trading on Friday, reaching $99.41. The stock had a trading volume of 1,187,189 shares, compared to its average volume of 2,324,383. The firm has a market cap of $39.24 billion, a PE ratio of 26.09 and a beta of 0.98. The stock's 50 day moving average is $97.08 and its two-hundred day moving average is $97.00. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a $0.42 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide's payout ratio is 44.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on OTIS shares. Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Royal Bank Of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $102.86.

Otis Worldwide 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.