Mirae Asset Global Investments Co. Ltd. Makes New Investment in Otis Worldwide Corporation $OTIS

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 96,261 shares of the company’s stock, valued at approximately $6,192,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Otis Worldwide in the 2nd quarter worth about $2,264,017,000. State Street Corp raised its stake in Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after acquiring an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Otis Worldwide in the 2nd quarter valued at about $423,739,000. Van ECK Associates Corp lifted its holdings in Otis Worldwide by 0.6% during the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock valued at $285,900,000 after purchasing an additional 24,914 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Otis Worldwide during the second quarter valued at about $223,003,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the transaction, the insider owned 2,155 shares in the company, valued at $167,529.70. This trade represents a 27.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OTIS. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research report on Thursday, October 29th. Finally, Evercore restated an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $79.49 on Friday. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57. The business has a fifty day moving average price of $70.22 and a 200-day moving average price of $76.21. The firm has a market capitalization of $30.26 billion, a P/E ratio of 19.77, a PEG ratio of 2.89 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.04. The company had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 earnings per share. Sell-side analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a yield of 2.2%. Otis Worldwide’s dividend payout ratio is 43.78%.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.