American International Group Inc. Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

American International Group Inc. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,475 shares of the company’s stock after buying an additional 292 shares during the quarter. American International Group Inc.’s holdings in Otis Worldwide were worth $9,795,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Cetera Trust Company N.A purchased a new position in Otis Worldwide in the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide in the third quarter worth $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide in the fourth quarter worth $35,000. Finally, TFO Wealth Partners LLC grew its holdings in Otis Worldwide by 10,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock worth $38,000 after purchasing an additional 416 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

NYSE OTIS opened at $96.50 on Wednesday. The company has a market capitalization of $39.02 billion, a PE ratio of 27.89 and a beta of 1.04. The company has a fifty day moving average of $96.19 and a 200 day moving average of $93.48. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.62%. Otis Worldwide’s payout ratio is presently 45.09%.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Argus lifted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Melius initiated coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.71.

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.