Teacher Retirement System of Texas Acquires 31,776 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Teacher Retirement System of Texas boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 38.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 114,053 shares of the company's stock after buying an additional 31,776 shares during the quarter. Teacher Retirement System of Texas' holdings in Otis Worldwide were worth $11,770,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Otis Worldwide by 26.5% in the fourth 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 period. Geode Capital Management LLC boosted its position in shares of Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares during the period. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the period. Finally, Norges Bank bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $649,883,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.3%

Shares of NYSE:OTIS traded down $0.29 during midday trading on Friday, reaching $99.51. 1,052,322 shares of the company were exchanged, compared to its average volume of 2,332,362. The business's fifty day moving average is $96.70 and its two-hundred day moving average is $96.79. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The stock has a market cap of $39.27 billion, a PE ratio of 26.12 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results 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 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. Otis Worldwide's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Ratings Changes

A number of equities analysts have weighed in on OTIS shares. Wells Fargo & Company upped their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Royal Bank Of Canada dropped 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 report on Monday, April 28th. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $101.43.

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.