Rhumbline Advisers Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Rhumbline Advisers raised its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 771,542 shares of the company's stock after purchasing an additional 41,596 shares during the period. Rhumbline Advisers owned 0.20% of Otis Worldwide worth $79,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Allied Investment Advisors LLC boosted its position in shares of Otis Worldwide by 6.0% in the first quarter. Allied Investment Advisors LLC now owns 109,330 shares of the company's stock valued at $11,283,000 after acquiring an additional 6,230 shares during the period. BTC Capital Management Inc. boosted its stake in Otis Worldwide by 0.8% during the first quarter. BTC Capital Management Inc. now owns 57,791 shares of the company's stock valued at $5,965,000 after buying an additional 466 shares during the period. GAMMA Investing LLC grew its position in Otis Worldwide by 12,162.8% during the first 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 in the last quarter. Versant Capital Management Inc grew its position in Otis Worldwide by 538.9% during the first quarter. Versant Capital Management Inc now owns 4,038 shares of the company's stock worth $417,000 after buying an additional 3,406 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Otis Worldwide by 34.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,965 shares of the company's stock worth $306,000 after acquiring an additional 758 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $0.14 during mid-day trading on Thursday, reaching $95.13. The stock had a trading volume of 1,703,742 shares, compared to its average volume of 2,313,578. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The company has a 50-day moving average price of $96.67 and a two-hundred day moving average price of $97.29. The company has a market capitalization of $37.55 billion, a price-to-earnings ratio of 23.43 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business earned $0.88 EPS. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of several recent analyst reports. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Royal Bank of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $100.71.

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.