Varma Mutual Pension Insurance Co bought a new position in Otis Worldwide Corporation (NYSE:OTIS – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 173,442 shares of the company’s stock, valued at approximately $12,418,000.
Other hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in shares of Otis Worldwide by 5.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after buying an additional 123 shares during the last quarter. Boyd Watterson Asset Management LLC OH increased its holdings in Otis Worldwide by 4.0% in the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock worth $281,000 after acquiring an additional 124 shares during the last quarter. Moors & Cabot Inc. raised its stake in Otis Worldwide by 2.7% in the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock valued at $414,000 after acquiring an additional 126 shares during the period. Composition Wealth LLC raised its stake in Otis Worldwide by 4.2% in the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock valued at $285,000 after acquiring an additional 131 shares during the period. Finally, Stephens Inc. AR lifted its holdings in Otis Worldwide by 2.6% during the fourth quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock valued at $456,000 after purchasing an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.
Otis Worldwide Stock Performance
Otis Worldwide stock opened at $71.65 on Monday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57. The stock has a market cap of $27.28 billion, a P/E ratio of 18.42, a PEG ratio of 2.52 and a beta of 0.89. The firm’s fifty day moving average price is $72.64 and its 200-day moving average price is $77.56.
Otis Worldwide Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.24%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on OTIS shares. Evercore reiterated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a report on Tuesday, July 28th. Finally, Sanford C. Bernstein reduced their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $92.91.
Get Our Latest Stock Report on OTIS
About Otis Worldwide
Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.
In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.
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