Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Sumitomo Mitsui Trust Group Inc. lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 926,540 shares of the company's stock after selling 12,303 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Otis Worldwide worth $95,619,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its position 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 purchasing an additional 7,447,860 shares during the last quarter. Norges Bank purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $649,883,000. GAMMA Investing LLC grew 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 purchasing an additional 814,057 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $66,962,000. Finally, Northern Trust Corp grew its position in Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after purchasing an additional 501,016 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.1%

Shares of NYSE OTIS opened at $97.61 on Monday. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The company has a 50 day simple moving average of $96.21 and a two-hundred day simple moving average of $96.67. The stock has a market cap of $38.52 billion, a price-to-earnings ratio of 25.62 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the previous year, the business posted $0.88 EPS. The business's revenue was down 2.5% compared to the same quarter last year. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a $0.42 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Analyst Ratings Changes

Several analysts have weighed in on OTIS shares. Wells Fargo & Company dropped 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 research report on Thursday, April 24th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Royal Bank Of Canada decreased their price objective 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $100.71.

About Otis Worldwide

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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.