National Pension Service Buys 105,527 Shares of Otis Worldwide Co. (NYSE:OTIS)

National Pension Service increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,175,241 shares of the company's stock after buying an additional 105,527 shares during the quarter. National Pension Service owned about 0.29% of Otis Worldwide worth $122,155,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its stake in Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after buying an additional 883,659 shares during the last quarter. Legal & General Group Plc increased its position in Otis Worldwide by 0.4% during the second 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 during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Otis Worldwide by 4.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company's stock valued at $316,782,000 after purchasing an additional 126,684 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Barclays lowered their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.00.

Otis Worldwide Price Performance

OTIS traded up $0.72 during trading hours on Tuesday, reaching $100.16. The company's stock had a trading volume of 1,614,768 shares, compared to its average volume of 2,111,994. The stock has a market cap of $40.12 billion, a PE ratio of 24.98 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $79.44 and a fifty-two week high of $106.33. The business's 50-day moving average is $99.23 and its 200-day moving average is $96.94.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th 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 1.56%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio is presently 38.90%.

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.