Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.6% during the 4th quarter, Holdings Channel reports. The firm owned 3,187 shares of the company’s stock after buying an additional 224 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Otis Worldwide were worth $285,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares during the period. Northern Trust Corp boosted its holdings in Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after buying 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 third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after buying an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Otis Worldwide by 3.8% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock valued at $265,814,000 after buying an additional 120,853 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its position in shares of Otis Worldwide by 6.8% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock worth $186,642,000 after acquiring an additional 146,968 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $93.09 on Tuesday. The stock has a market capitalization of $37.64 billion, a price-to-earnings ratio of 26.90 and a beta of 1.03. The business has a 50-day moving average of $96.44 and a 200 day moving average of $89.89. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced 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. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed 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 is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction 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 insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on OTIS shares. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target 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.