Mission Wealth Management LP Has $244,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Mission Wealth Management LP raised its holdings in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 6.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,457 shares of the company’s stock after buying an additional 153 shares during the quarter. Mission Wealth Management LP’s holdings in Otis Worldwide were worth $244,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter valued at approximately $628,855,000. Vanguard Group Inc. increased its position in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. Jacobs Levy Equity Management Inc. raised 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 valued at $124,906,000 after purchasing an additional 794,626 shares in the last quarter. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 17.4% in the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after purchasing an additional 494,460 shares during the period. Finally, Putnam Investments LLC boosted its stake in Otis Worldwide by 20.1% during the fourth quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after buying an additional 403,215 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now 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 through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $99.33.

Read Our Latest Analysis on OTIS

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $96.88 on Friday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The stock has a market capitalization of $39.17 billion, a PE ratio of 28.00 and a beta of 1.03. The stock’s fifty day moving average is $96.37 and its 200-day moving average is $94.15.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were 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 1.61%. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Otis Worldwide Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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