Otis Worldwide Corporation $OTIS Shares Newly Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 96,261 shares of the company’s stock, valued at approximately $6,192,000.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Veritas Asset Management LLP purchased a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $7,565,000. Envestnet Asset Management Inc. grew its holdings in shares of Otis Worldwide by 36.8% in the second quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company’s stock valued at $45,433,000 after acquiring an additional 170,600 shares in the last quarter. State Street Corp increased its position in shares of Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after acquiring an additional 463,491 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Otis Worldwide by 128.8% during the third quarter. Assenagon Asset Management S.A. now owns 412,369 shares of the company’s stock valued at $26,524,000 after acquiring an additional 232,164 shares during the last quarter. Finally, National Pension Service increased its position in shares of Otis Worldwide by 16.6% during the second quarter. National Pension Service now owns 761,439 shares of the company’s stock valued at $54,519,000 after acquiring an additional 108,638 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the sale, the insider owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. The trade was a 27.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OTIS shares. Wells Fargo & Company dropped their price target on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Sanford C. Bernstein upped their price objective on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Morgan Stanley set a $75.00 target price on Otis Worldwide in a research report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $91.20.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $79.49 on Friday. The firm has a market cap of $30.26 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 2.89 and a beta of 0.87. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The firm’s 50-day simple moving average is $70.22 and its two-hundred day simple moving average is $76.21.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. The firm had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 earnings per share. Analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.