Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Increased by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,812 shares of the company’s stock after acquiring an additional 2,361 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $13,046,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Norges Bank acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $628,855,000. JPMorgan Chase & Co. boosted its position in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Otis Worldwide by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after buying an additional 794,626 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Otis Worldwide by 119.1% during the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after buying an additional 533,590 shares during the period. Finally, PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after buying an additional 494,460 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on OTIS shares. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company dropped their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, UBS Group boosted their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $97.71.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 0.5 %

Shares of NYSE:OTIS opened at $97.57 on Monday. The company’s fifty day moving average is $96.55 and its two-hundred day moving average is $91.87. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The company has a market cap of $39.45 billion, a P/E ratio of 28.20 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

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.