Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Otis Worldwide Corporation by 6.3%, owning 123,833 shares valued at approximately $12.76 million after acquiring an additional 7,317 shares in the first quarter.
• Several institutional investors have also modified their holdings in Otis, with notable changes including a 362.4% increase in Assenagon Asset Management's stake, bringing its total to 438,896 shares worth about $45.29 million.
• Otis Worldwide recently declared a quarterly dividend of $0.42, resulting in an annualized dividend yield of 1.9%, with a payout ratio currently at 44.44%.

Resona Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 123,833 shares of the company's stock after buying an additional 7,317 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Otis Worldwide were worth $12,759,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Vanguard Group Inc. boosted its stake in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares during the period. Nuveen LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at $91,989,000. GAMMA Investing LLC boosted its stake in shares of Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after purchasing an additional 814,057 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Otis Worldwide in the fourth quarter valued at $66,962,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.17 during trading hours on Friday, reaching $87.37. The stock had a trading volume of 3,697,295 shares, compared to its average volume of 4,267,663. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a 50-day simple moving average of $94.17 and a 200-day simple moving average of $96.53. The firm has a market capitalization of $34.29 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 4.21 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio is currently 44.44%.

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.