Mitsubishi UFJ Asset Management Co. Ltd. Has $436.87 Million Position in Otis Worldwide Corporation $OTIS

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,778,152 shares of the company’s stock after buying an additional 145,817 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 1.23% of Otis Worldwide worth $436,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Oakworth Capital Inc. increased its stake in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. grew its stake in shares of Otis Worldwide by 1.8% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after buying an additional 115 shares during the period. OLD National Bancorp IN increased its position in Otis Worldwide by 5.5% in the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares in the last quarter. PKS Advisory Services LLC raised its stake in Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after buying an additional 121 shares during the period. Finally, Physician Wealth Advisors Inc. raised its stake in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after buying an additional 124 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.5%

Shares of NYSE OTIS opened at $89.47 on Thursday. The company has a market capitalization of $34.78 billion, a PE ratio of 25.56, a PEG ratio of 2.71 and a beta of 1.01. The stock’s 50 day moving average price is $89.30 and its 200-day moving average price is $89.20. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.93 earnings per share. As a group, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OTIS shares. Wells Fargo & Company decreased their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.