Intact Investment Management Inc. Buys New Position in Otis Worldwide Corporation (NYSE:OTIS)

Intact Investment Management Inc. bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 700 shares of the company’s stock, valued at approximately $72,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Norges Bank purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $649,883,000. GAMMA Investing LLC boosted its holdings in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after purchasing an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $66,962,000. Finally, Northern Trust Corp boosted its holdings in Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock valued at $423,934,000 after purchasing an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Royal Bank Of Canada lowered their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Stock Down 1.7%

OTIS opened at $94.02 on Monday. The firm has a market cap of $37.11 billion, a price-to-earnings ratio of 24.68 and a beta of 0.98. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83. The business’s 50 day moving average is $96.33 and its two-hundred day moving average is $96.76.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

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.