Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lifted by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co raised its stake in Otis Worldwide Co. (NYSE:OTISFree Report) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,948 shares of the company’s stock after buying an additional 1,357 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $3,216,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares in the last quarter. Norges Bank purchased a new position in Otis Worldwide during the 4th quarter worth approximately $628,855,000. Northern Trust Corp grew its position in Otis Worldwide by 3.0% during the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after purchasing an additional 135,048 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its position in Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock worth $276,931,000 after purchasing an additional 59,211 shares in the last quarter. Finally, PineStone Asset Management Inc. grew its position in Otis Worldwide by 17.4% during the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after purchasing an additional 494,460 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $97.71.

Get Our Latest Analysis on OTIS

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of OTIS opened at $97.75 on Tuesday. The company has a 50-day simple moving average of $96.30 and a 200-day simple moving average of $92.98. The firm has a market capitalization of $39.52 billion, a P/E ratio of 28.25 and a beta of 1.04. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were paid a $0.39 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 45.09%.

Otis Worldwide Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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