700 Shares in Otis Worldwide Corporation (NYSE:OTIS) Bought by Intact Investment Management Inc.

Intact Investment Management Inc. acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 700 shares of the company’s stock, valued at approximately $72,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock worth $4,167,806,000 after acquiring an additional 149,123 shares during the period. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC grew its holdings in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after acquiring an additional 435,372 shares during the period. Finally, Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $649,883,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.7%

Shares of NYSE:OTIS opened at $94.02 on Monday. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The stock’s fifty day simple moving average is $96.33 and its 200-day simple moving average is $96.76. The company has a market capitalization of $37.11 billion, a P/E ratio of 24.68 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the business earned $0.88 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Royal Bank Of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $100.71.

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.