Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,255,869 shares of the company’s stock after purchasing an additional 42,970 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.30% of Otis Worldwide worth $105,995,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in OTIS. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth about $370,013,000. Wellington Management Group LLP raised its position in Otis Worldwide by 54.3% in the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after acquiring an additional 1,484,963 shares during the period. StonePine Asset Management Inc. raised its position in Otis Worldwide by 692.9% in the first quarter. StonePine Asset Management Inc. now owns 1,687,258 shares of the company’s stock worth $142,405,000 after acquiring an additional 1,474,467 shares during the period. Goldman Sachs Group Inc. raised its position in Otis Worldwide by 66.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after acquiring an additional 1,384,353 shares during the period. Finally, Lazard Asset Management LLC raised its position in Otis Worldwide by 33.8% in the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after acquiring an additional 984,793 shares during the period. 96.16% of the stock is owned by institutional investors.
Otis Worldwide Trading Down 0.4 %
Shares of NYSE:OTIS opened at $88.72 on Friday. The company has a 50 day moving average of $85.76 and a 200 day moving average of $83.66. The stock has a market cap of $36.67 billion, a P/E ratio of 29.28 and a beta of 0.96. Otis Worldwide Co. has a 12 month low of $62.49 and a 12 month high of $90.11.
Otis Worldwide Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Friday, May 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, May 18th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.29. Otis Worldwide’s payout ratio is currently 44.88%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Barclays lifted their target price on shares of Otis Worldwide from $79.00 to $80.00 in a research note on Monday, July 10th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $88.00 to $90.00 in a research note on Monday, July 10th. TheStreet upgraded shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research note on Monday, March 20th. Finally, HSBC lifted their target price on shares of Otis Worldwide from $81.00 to $88.00 in a research note on Friday, June 23rd. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $86.50.
Otis Worldwide Profile
Otis Worldwide Corporation engages in the 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.
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