Vanguard Group Inc. Buys 5,913,933 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vanguard Group Inc. boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,773,358 shares of the company’s stock after buying an additional 5,913,933 shares during the quarter. Vanguard Group Inc. owned approximately 11.29% of Otis Worldwide worth $4,095,342,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in OTIS. Blair William & Co. IL grew its position in Otis Worldwide by 1.4% during the third quarter. Blair William & Co. IL now owns 14,495 shares of the company’s stock valued at $1,164,000 after buying an additional 202 shares during the period. Prudential PLC grew its position in Otis Worldwide by 12.9% during the third quarter. Prudential PLC now owns 17,168 shares of the company’s stock valued at $1,379,000 after buying an additional 1,959 shares during the period. Rafferty Asset Management LLC grew its position in Otis Worldwide by 9.5% during the third quarter. Rafferty Asset Management LLC now owns 32,744 shares of the company’s stock valued at $2,630,000 after buying an additional 2,848 shares during the period. Korea Investment CORP grew its position in Otis Worldwide by 131.5% during the third quarter. Korea Investment CORP now owns 337,073 shares of the company’s stock valued at $27,070,000 after buying an additional 191,449 shares during the period. Finally, QRG Capital Management Inc. bought a new position in Otis Worldwide during the third quarter valued at about $2,585,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Shares of Otis Worldwide stock opened at $97.47 on Tuesday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The company has a market cap of $39.41 billion, a price-to-earnings ratio of 28.17 and a beta of 1.04. The company’s 50-day moving average price is $96.24 and its 200-day moving average price is $93.41.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Melius assumed coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company dropped their price objective on shares of 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 objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Argus upped their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $97.71.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

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.