Otis Worldwide Corporation (NYSE:OTIS) Stock Position Increased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 476,961 shares of the company's stock after purchasing an additional 14,413 shares during the period. Principal Financial Group Inc. owned 0.12% of Otis Worldwide worth $49,222,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after buying an additional 7,447,860 shares during the last quarter. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter valued at $649,883,000. GAMMA Investing LLC raised its position in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after buying an additional 814,057 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $66,962,000. Finally, Northern Trust Corp boosted its holdings in shares of Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after acquiring an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on OTIS. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Barclays decreased their price target 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. Finally, Wells Fargo & Company raised their price objective on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Two 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $101.43.

Otis Worldwide Trading Up 0.2%

Shares of OTIS traded up $0.23 during midday trading on Monday, reaching $99.74. 1,913,874 shares of the company were exchanged, compared to its average volume of 2,330,691. Otis Worldwide Corporation has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a market cap of $39.37 billion, a price-to-earnings ratio of 26.18 and a beta of 0.98. The stock has a 50-day moving average price of $96.70 and a 200-day moving average price of $96.82.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. 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 business posted $0.88 EPS. Otis Worldwide's quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date was Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.68%. Otis Worldwide's dividend payout ratio (DPR) is currently 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.