iA Global Asset Management Inc. Acquires 3,438 Shares of Otis Worldwide Co. (NYSE:OTIS)

iA Global Asset Management Inc. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 33.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,702 shares of the company’s stock after buying an additional 3,438 shares during the period. iA Global Asset Management Inc.’s holdings in Otis Worldwide were worth $1,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brown Shipley& Co Ltd raised its position in Otis Worldwide by 12.2% during the first quarter. Brown Shipley& Co Ltd now owns 48,529 shares of the company’s stock worth $4,784,000 after acquiring an additional 5,259 shares in the last quarter. Hancock Whitney Corp lifted its stake in Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Tidal Investments LLC grew its holdings in Otis Worldwide by 49.5% during the first quarter. Tidal Investments LLC now owns 25,252 shares of the company’s stock worth $2,509,000 after purchasing an additional 8,356 shares during the period. California State Teachers Retirement System raised its stake in Otis Worldwide by 0.7% in the first quarter. California State Teachers Retirement System now owns 651,523 shares of the company’s stock valued at $64,677,000 after buying an additional 4,472 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Otis Worldwide by 15.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock worth $799,000 after acquiring an additional 1,068 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide 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 transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Down 0.2 %

OTIS traded down $0.20 during trading on Thursday, hitting $94.30. The company’s stock had a trading volume of 2,658,413 shares, compared to its average volume of 2,102,536. The firm has a market capitalization of $37.77 billion, a P/E ratio of 27.24 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The stock’s fifty day moving average price is $96.94 and its 200-day moving average price is $95.23.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OTIS. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $98.83.

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.