Van ECK Associates Corp Acquires Shares of 72,859 Otis Worldwide Co. (NYSE:OTIS)

Van ECK Associates Corp bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 72,859 shares of the company’s stock, valued at approximately $6,519,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Otis Worldwide by 104.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after acquiring an additional 794,626 shares during the last quarter. Qube Research & Technologies Ltd increased its position in shares of Otis Worldwide by 119.1% during the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after purchasing an additional 533,590 shares in the last quarter. Barclays PLC raised its stake in Otis Worldwide by 82.1% in the 3rd 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 last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Otis Worldwide by 64.9% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $92.12 on Friday. The business’s 50 day moving average price is $96.44 and its 200 day moving average price is $89.75. The stock has a market capitalization of $37.25 billion, a PE ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is 39.31%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Barclays increased their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Melius started coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. UBS Group lifted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $96.86.

Otis Worldwide Company 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.