Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 841,633 shares of the company's stock after buying an additional 7,989 shares during the quarter. Victory Capital Management Inc. owned 0.21% of Otis Worldwide worth $86,857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares during the period. Geode Capital Management LLC boosted its stake 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 buying an additional 95,035 shares during the last quarter. Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares during the period. Finally, Norges Bank purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and raised their price target for the company from $101.00 to $109.00 in a research report on Tuesday. Morgan Stanley lifted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research note on Monday. They issued a "hold" rating and a $109.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.63.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $1.69 during midday trading on Friday, reaching $99.38. The company had a trading volume of 2,211,342 shares, compared to its average volume of 2,316,033. Otis Worldwide Corporation has a 12-month low of $89.70 and a 12-month high of $106.83. The company has a market capitalization of $39.22 billion, a P/E ratio of 26.12, a P/E/G ratio of 2.73 and a beta of 0.98. The firm's fifty day simple moving average is $97.33 and its 200-day simple moving average is $97.17.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 earnings per share. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

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.