Daiwa Securities Group Inc. Raises Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Daiwa Securities Group Inc. raised its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 49,173 shares of the company's stock after purchasing an additional 4,918 shares during the period. Daiwa Securities Group Inc.'s holdings in Otis Worldwide were worth $5,111,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of OTIS. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. grew its position in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock valued at $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its stake in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after buying an additional 883,659 shares during the last quarter. Legal & General Group Plc lifted its position in Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after buying an additional 15,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock worth $242,873,000 after buying an additional 101,955 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.5 %

Otis Worldwide stock opened at $101.96 on Wednesday. The company has a market capitalization of $40.73 billion, a PE ratio of 25.43 and a beta of 1.04. The firm's fifty day moving average is $101.46 and its 200 day moving average is $97.69. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company's revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 EPS. Sell-side analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.53%. Otis Worldwide's payout ratio is presently 38.90%.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on OTIS shares. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target for the company. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Barclays decreased their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $104.57.

Otis Worldwide Company 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.