National Pension Service Has $58.05 Million Holdings in Otis Worldwide Corporation $OTIS

National Pension Service grew its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 634,891 shares of the company’s stock after purchasing an additional 17,324 shares during the quarter. National Pension Service owned approximately 0.16% of Otis Worldwide worth $58,048,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new stake in Otis Worldwide during the 2nd quarter worth $721,614,000. Marshall Wace LLP boosted its position in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Otis Worldwide during the second quarter worth $114,319,000. Finally, Canoe Financial LP increased its holdings in Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after purchasing an additional 940,862 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on OTIS. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a report on Friday. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Finally, BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Stock Down 2.0%

Shares of NYSE:OTIS opened at $85.43 on Monday. The firm has a market cap of $33.29 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 2.56 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The company’s fifty day simple moving average is $88.40 and its 200 day simple moving average is $89.18.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.