Vima LLC Takes $54,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Vima LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 605 shares of the company’s stock, valued at approximately $54,000.

Other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted 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 buying an additional 2,442,203 shares during the last quarter. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter worth about $628,855,000. Northern Trust Corp boosted 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 buying an additional 135,048 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted 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 buying an additional 59,211 shares during the last quarter. Finally, PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 17.4% in the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after buying an additional 494,460 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.31 during trading on Friday, hitting $97.13. The company’s stock had a trading volume of 1,774,294 shares, compared to its average volume of 2,065,691. The business has a 50 day moving average price of $96.25 and a two-hundred day moving average price of $93.27. The company has a market capitalization of $39.27 billion, a PE ratio of 28.07 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on OTIS shares. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. UBS Group raised their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $97.71.

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.