Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. boosted its stake in Otis Worldwide Co. (NYSE:OTISFree Report) by 3.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,152 shares of the company’s stock after acquiring an additional 2,393 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Otis Worldwide were worth $6,468,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. Norges Bank acquired a new position in Otis Worldwide during the 4th quarter worth approximately $628,855,000. PineStone Asset Management Inc. increased its position in Otis Worldwide by 17.4% during the 4th 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. Sarasin & Partners LLP increased its position in Otis Worldwide by 11.2% during the 1st quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after purchasing an additional 328,539 shares during the period. Finally, Putnam Investments LLC increased its position in Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after purchasing an additional 403,215 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent analyst reports. Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Wells Fargo & Company lowered their price target 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. Barclays upped their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $99.33.

View Our Latest Report on Otis Worldwide

Otis Worldwide Stock Performance

OTIS stock opened at $96.32 on Wednesday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The stock’s 50 day moving average price is $96.55 and its 200 day moving average price is $94.31. The firm has a market cap of $38.94 billion, a P/E ratio of 27.84 and a beta of 1.03.

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

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Otis Worldwide Company 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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