Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 9.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,519 shares of the company’s stock after selling 7,329 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Otis Worldwide were worth $5,209,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in OTIS. Boston Partners raised its holdings in shares of Otis Worldwide by 44.3% during the third quarter. Boston Partners now owns 6,150,062 shares of the company’s stock valued at $393,646,000 after acquiring an additional 1,887,275 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Otis Worldwide by 54.3% in the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Otis Worldwide by 66.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after purchasing an additional 1,384,353 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $66,812,000. Finally, Lazard Asset Management LLC increased its holdings in shares of Otis Worldwide by 33.8% in the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock valued at $299,840,000 after purchasing an additional 984,793 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.
Analysts Set New Price Targets
OTIS has been the subject of several recent research reports. Barclays cut their price target on Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Thursday, April 6th. TheStreet raised Otis Worldwide from a “d+” rating to a “c+” rating in a report on Monday, March 20th. Morgan Stanley increased their price objective on Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. HSBC increased their price objective on Otis Worldwide from $72.00 to $81.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Finally, Cowen increased their price objective on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $81.10.
Otis Worldwide Stock Down 2.2 %
Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.74 by $0.06. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.26 billion. Otis Worldwide had a negative return on equity of 28.04% and a net margin of 9.35%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the business posted $0.77 earnings per share. Sell-side analysts expect that Otis Worldwide Co. will post 3.45 earnings per share for the current year.
Otis Worldwide Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 19th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.65%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, May 18th. Otis Worldwide’s payout ratio is presently 44.88%.
Insider Buying and Selling
In related news, insider Fernandez Bernardo Calleja sold 703 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $86.85, for a total transaction of $61,055.55. Following the completion of the transaction, the insider now directly owns 22,215 shares of the company’s stock, valued at approximately $1,929,372.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is currently owned by insiders.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services 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.
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