Tokio Marine Asset Management Co. Ltd. Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 7,991 shares of the company’s stock after acquiring an additional 519 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $715,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OTIS. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares during the last quarter. Northern Trust Corp raised its holdings in Otis Worldwide by 3.0% in the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after acquiring an additional 135,048 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Otis Worldwide by 1.7% in 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 acquiring an additional 59,211 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in 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 valued at $265,814,000 after buying an additional 120,853 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in Otis Worldwide by 6.8% during the 3rd quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after buying an additional 146,968 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $92.18 on Friday. The company has a market capitalization of $37.26 billion, a P/E ratio of 26.64 and a beta of 1.01. The company has a fifty day moving average of $96.44 and a 200 day moving average of $89.35. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

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

Otis Worldwide Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.86.

Insider Buying and Selling at Otis Worldwide

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

About Otis Worldwide

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.