Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Plato Investment Management Ltd

Plato Investment Management Ltd raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2,237.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,745 shares of the company’s stock after acquiring an additional 21,772 shares during the quarter. Plato Investment Management Ltd’s holdings in Otis Worldwide were worth $2,258,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. iA Global Asset Management Inc. boosted its position in shares of Otis Worldwide by 33.5% in the 1st quarter. iA Global Asset Management Inc. now owns 13,702 shares of the company’s stock valued at $1,360,000 after purchasing an additional 3,438 shares during the period. Brown Shipley& Co Ltd boosted its position in shares of Otis Worldwide by 12.2% in the 1st quarter. Brown Shipley& Co Ltd now owns 48,529 shares of the company’s stock valued at $4,784,000 after purchasing an additional 5,259 shares during the period. Hancock Whitney Corp boosted its position in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the period. Tidal Investments LLC boosted its position in shares of Otis Worldwide by 49.5% in the 1st quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock valued at $2,509,000 after purchasing an additional 8,356 shares during the period. Finally, California State Teachers Retirement System boosted its position in shares of Otis Worldwide by 0.7% in the 1st quarter. California State Teachers Retirement System now owns 651,523 shares of the company’s stock valued at $64,677,000 after purchasing an additional 4,472 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s 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 transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six investment 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, the stock presently has an average rating of “Hold” and an average target price of $98.83.

Otis Worldwide Stock Down 0.2 %

OTIS traded down $0.20 on Thursday, hitting $94.30. 2,645,685 shares of the company traded hands, compared to its average volume of 2,102,536. The company has a 50 day moving average of $96.94 and a 200-day moving average of $95.23. The stock has a market capitalization of $37.77 billion, a PE ratio of 27.24 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS. On average, research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, August 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.