Otis Worldwide Corporation (NYSE:OTIS) Stock Holdings Lifted by Principal Financial Group Inc.

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

A number of other institutional investors also recently made changes to their positions in the business. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $25,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide in the 1st quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the 4th quarter valued at about $28,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $34,000. Finally, Orion Capital Management LLC bought a new position in Otis Worldwide in the 4th quarter worth about $35,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.1%

OTIS stock traded down $0.10 during trading on Tuesday, hitting $99.68. The company had a trading volume of 1,809,351 shares, compared to its average volume of 2,328,615. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The firm has a market capitalization of $39.34 billion, a price-to-earnings ratio of 26.16 and a beta of 0.98. The business has a 50 day moving average of $96.82 and a 200 day moving average of $96.86.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the company earned $0.88 EPS. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. 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 dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OTIS. 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 report on Monday, April 28th. Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. upped their price objective 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $102.57.

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.