Virtu Financial LLC Acquires 2,056 Shares of Otis Worldwide Co. (NYSE:OTIS)

Virtu Financial LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 18.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,292 shares of the company’s stock after buying an additional 2,056 shares during the period. Virtu Financial LLC’s holdings in Otis Worldwide were worth $1,319,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $628,855,000. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 17.4% during the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after buying an additional 494,460 shares in the last quarter. Putnam Investments LLC lifted its holdings in shares of Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after acquiring an additional 403,215 shares during the last quarter. Finally, Clean Energy Transition LLP purchased a new position in Otis Worldwide in the fourth quarter worth $30,337,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were 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 owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 0.0 %

OTIS traded down $0.01 during trading on Friday, hitting $94.29. 3,101,417 shares of the company traded hands, compared to its average volume of 2,109,522. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The company has a market cap of $37.77 billion, a PE ratio of 27.25 and a beta of 1.03. The stock’s 50-day simple moving average is $96.88 and its two-hundred day simple moving average is $95.22.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.92 EPS. Equities analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTIS. Argus raised their price target on 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. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company lowered their price objective on shares of 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. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $98.83.

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.