TIAA Trust National Association Has $14.53 Million Position in Otis Worldwide Co. (NYSE:OTIS)

TIAA Trust National Association grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 668.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 146,367 shares of the company’s stock after purchasing an additional 127,311 shares during the quarter. TIAA Trust National Association’s holdings in Otis Worldwide were worth $14,530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cetera Trust Company N.A bought a new position in Otis Worldwide during the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth about $28,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide during the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide in the fourth quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $36,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Stock Down 1.0 %

NYSE:OTIS traded down $0.98 on Friday, hitting $97.73. The stock had a trading volume of 2,410,630 shares, compared to its average volume of 2,075,165. The company has a market cap of $39.51 billion, a PE ratio of 28.25 and a beta of 1.03. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The business’s fifty day moving average is $97.36 and its 200 day moving average is $94.80.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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 business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were given a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Argus upped their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $99.67.

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.