Oregon Public Employees Retirement Fund Has $3.52 Million Position in Otis Worldwide Corporation (NYSE:OTIS)

Oregon Public Employees Retirement Fund cut its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 0.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 34,097 shares of the company’s stock after selling 180 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Otis Worldwide were worth $3,519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. JPMorgan Chase & Co. grew 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 worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $649,883,000. GAMMA Investing LLC lifted its position in shares of Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after purchasing an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $66,962,000. Finally, Northern Trust Corp increased its holdings in shares of 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 institutional investors and hedge funds.

Otis Worldwide Trading Down 0.3%

Shares of OTIS opened at $99.51 on Friday. The stock has a market cap of $39.27 billion, a P/E ratio of 26.12 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The stock’s 50-day moving average price is $96.56 and its two-hundred day moving average price is $96.75.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate 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 net margin of 10.83% and a negative return on equity of 31.72%. Otis Worldwide’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Analyst Ratings Changes

Several research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Finally, Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $101.43.

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.