Mufg Securities Americas Inc. Invests $546,000 in Otis Worldwide Co. (NYSE:OTIS)

Mufg Securities Americas Inc. bought a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 5,898 shares of the company's stock, valued at approximately $546,000.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. PineStone Asset Management Inc. raised its position in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock valued at $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $337,000. Clarkston Capital Partners LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at $8,743,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after purchasing an additional 67,937 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS stock traded down $0.43 on Monday, reaching $98.46. The stock had a trading volume of 3,165,059 shares, compared to its average volume of 2,323,090. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock has a market cap of $38.86 billion, a P/E ratio of 24.25 and a beta of 1.01. The company has a 50 day simple moving average of $98.02 and a 200 day simple moving average of $97.60.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the firm posted $0.88 earnings per share. The business'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 firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a $0.42 dividend. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.71%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on OTIS shares. Royal Bank of Canada decreased their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company decreased 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 note on Thursday, April 24th. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $100.71.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide 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.