PGGM Investments Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

PGGM Investments decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,081 shares of the company’s stock after selling 1,586 shares during the quarter. PGGM Investments’ holdings in Otis Worldwide were worth $15,217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Northern Trust Corp grew its holdings in shares of Otis Worldwide by 3.0% during the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after purchasing an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in shares of Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock worth $276,931,000 after purchasing an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 3.8% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock worth $265,814,000 after purchasing an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its holdings in shares of Otis Worldwide by 6.8% during the 3rd quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock worth $186,642,000 after purchasing an additional 146,968 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OTIS. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $96.86.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.82 on Friday, hitting $92.20. The company’s stock had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The company has a market capitalization of $37.27 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01. The stock’s 50-day moving average is $96.44 and its two-hundred day moving average is $89.42.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is 39.31%.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

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.