Otis Worldwide Co. (NYSE:OTIS) Holdings Lifted by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,294 shares of the company’s stock after buying an additional 428 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Otis Worldwide were worth $3,426,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Lindbrook Capital LLC boosted its position in shares of Otis Worldwide by 13.7% in the 4th quarter. Lindbrook Capital LLC now owns 5,892 shares of the company’s stock valued at $527,000 after purchasing an additional 710 shares during the period. abrdn plc boosted its position in shares of Otis Worldwide by 57.6% in the 4th quarter. abrdn plc now owns 197,807 shares of the company’s stock valued at $17,698,000 after purchasing an additional 72,329 shares during the period. Ipswich Investment Management Co. Inc. boosted its position in shares of Otis Worldwide by 2.9% in the 4th quarter. Ipswich Investment Management Co. Inc. now owns 58,911 shares of the company’s stock valued at $5,271,000 after purchasing an additional 1,669 shares during the period. J.W. Cole Advisors Inc. boosted its position in shares of Otis Worldwide by 12.1% in the 4th quarter. J.W. Cole Advisors Inc. now owns 5,047 shares of the company’s stock valued at $452,000 after purchasing an additional 546 shares during the period. Finally, Greenleaf Trust boosted its position in shares of Otis Worldwide by 4.8% in the 4th quarter. Greenleaf Trust now owns 9,465 shares of the company’s stock valued at $847,000 after purchasing an additional 433 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on OTIS shares. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Finally, UBS Group raised 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. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $95.00.

Otis Worldwide Price Performance

OTIS opened at $97.47 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The business has a 50-day moving average of $96.36 and a 200-day moving average of $89.21. The company has a market capitalization of $39.40 billion, a PE ratio of 28.75 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the business earned $0.75 EPS. On average, equities research analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is 40.12%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 value of $3,426,360.96. Following the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

About Otis Worldwide

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.