Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,086 shares of the company’s stock after purchasing an additional 2,160 shares during the period. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were worth $2,887,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $628,855,000. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of 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 purchasing an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Otis Worldwide by 104.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after purchasing an additional 794,626 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock worth $78,830,000 after purchasing an additional 533,590 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.26 during trading hours on Friday, hitting $96.26. The company had a trading volume of 4,666,023 shares, compared to its average volume of 2,051,139. The firm has a market capitalization of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.04. The firm’s fifty day moving average is $96.20 and its 200-day moving average is $93.90. 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 released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Analysts anticipate that Otis Worldwide Co. will post 3.88 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 7th. Shareholders of record on Friday, May 17th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. Melius initiated coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus boosted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company dropped 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 report on Thursday, April 25th. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $99.33.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.