Maryland State Retirement & Pension System Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Maryland State Retirement & Pension System lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 32,169 shares of the company’s stock after buying an additional 603 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Otis Worldwide were worth $2,878,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in OTIS. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after buying an additional 2,390 shares during the period. Stevens Capital Management LP grew its position in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after acquiring an additional 4,435 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Otis Worldwide by 13,638.0% during the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the period. SG Americas Securities LLC lifted its position in shares of Otis Worldwide by 176.4% during the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after purchasing an additional 74,030 shares in the last quarter. Finally, Smith Salley & Associates acquired a new position in shares of Otis Worldwide during the fourth quarter worth $1,113,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. UBS Group lifted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $96.86.

Otis Worldwide Trading Up 0.4 %

OTIS traded up $0.38 during trading hours on Wednesday, hitting $94.27. The company’s stock had a trading volume of 203,123 shares, compared to its average volume of 1,995,458. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm has a market capitalization of $38.12 billion, a PE ratio of 27.14 and a beta of 1.03. The company has a 50-day simple moving average of $96.43 and a 200 day simple moving average of $90.00.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

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.