Otis Worldwide Co. (NYSE:OTIS) Position Increased by Tokio Marine Asset Management Co. Ltd.

Tokio Marine Asset Management Co. Ltd. boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.2% during the 3rd quarter, Holdings Channel reports. The fund owned 9,993 shares of the company’s stock after acquiring an additional 314 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. increased its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth $29,000. Finally, Cranbrook Wealth Management LLC boosted its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. UBS Group started coverage on Otis Worldwide in a research note on Wednesday. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Eight 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, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $104.57.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Down 0.2 %

NYSE OTIS opened at $99.10 on Friday. The firm has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. The firm’s 50 day simple moving average is $100.41 and its 200 day simple moving average is $97.27. Otis Worldwide Co. has a 1 year low of $83.21 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS 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 analyst estimates of $3.59 billion. During the same quarter last year, the firm posted $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current 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 given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

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.