National Pension Service Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

National Pension Service increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,052,750 shares of the company’s stock after purchasing an additional 32,445 shares during the quarter. National Pension Service owned approximately 0.26% of Otis Worldwide worth $94,190,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased 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 valued at $605,571,000 after buying an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after buying an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd increased its position in Otis Worldwide by 119.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after buying an additional 533,590 shares in the last quarter. Barclays PLC increased its holdings in shares of Otis Worldwide by 82.1% in the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after purchasing an additional 431,542 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Otis Worldwide by 64.9% in the third quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after purchasing an additional 304,669 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.86 during trading on Thursday, reaching $95.38. The stock had a trading volume of 690,998 shares, compared to its average volume of 1,997,475. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The business’s 50-day moving average price is $96.42 and its 200-day moving average price is $90.14. The company has a market cap of $38.56 billion, a P/E ratio of 27.32 and a beta of 1.03.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OTIS shares. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd. Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, JPMorgan Chase & Co. raised their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $96.86.

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.