MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 1,515 Shares of Otis Worldwide Co. (NYSE:OTIS)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,572 shares of the company’s stock after purchasing an additional 1,515 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Otis Worldwide were worth $4,128,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Norges Bank bought a new position in Otis Worldwide during the 4th quarter valued at about $649,883,000. BNP Paribas Financial Markets bought a new position in Otis Worldwide during the 4th quarter valued at about $66,962,000. Northern Trust Corp grew its holdings in Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock valued at $423,934,000 after purchasing an additional 501,016 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock valued at $720,980,000 after purchasing an additional 435,372 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $100.71.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

NYSE OTIS opened at $98.46 on Tuesday. The firm’s 50 day moving average price is $97.98 and its 200-day moving average price is $97.59. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a market cap of $38.86 billion, a PE ratio of 24.25 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period last year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.71%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

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.