Rafferty Asset Management LLC Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Rafferty Asset Management LLC increased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,314 shares of the company's stock after buying an additional 3,727 shares during the period. Rafferty Asset Management LLC's holdings in Otis Worldwide were worth $3,456,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after buying an additional 105 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares in the last quarter. Montis Financial LLC lifted its position in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares in the last quarter. AlTi Global Inc. lifted its position in shares of Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its position in shares of Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS traded down $0.44 during mid-day trading on Friday, reaching $96.74. 2,286,762 shares of the company's stock traded hands, compared to its average volume of 2,333,170. The stock has a market cap of $38.18 billion, a P/E ratio of 23.83 and a beta of 1.01. The stock's 50-day moving average is $97.72 and its two-hundred day moving average is $97.54. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83.

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, beating analysts' consensus estimates 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 negative return on equity of 31.76% and a net margin of 11.53%. The company's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.74%. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Royal Bank of Canada reduced their price objective 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. boosted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Barclays reduced 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. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $100.71.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company's stock.

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.