21,403 Shares in Otis Worldwide Corporation (NYSE:OTIS) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 21,403 shares of the company's stock, valued at approximately $2,209,000.

A number of other hedge funds have also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its position 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 last quarter. Norges Bank purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $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 position in Otis Worldwide during the 4th quarter worth $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. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.6%

Shares of NYSE:OTIS traded up $0.57 during midday trading on Friday, hitting $89.77. The stock had a trading volume of 4,084,243 shares, compared to its average volume of 2,628,104. The company has a market capitalization of $35.43 billion, a PE ratio of 23.75, a P/E/G ratio of 2.46 and a beta of 0.98. The stock has a 50 day moving average price of $96.96 and a two-hundred day moving average price of $97.29. Otis Worldwide Corporation has a 1 year low of $86.00 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.87%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OTIS shares. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average price target of $102.50.

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.