Sumitomo Mitsui Trust Holdings Inc. Purchases 9,145 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,009,178 shares of the company’s stock after buying an additional 9,145 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.25% of Otis Worldwide worth $100,181,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in OTIS. Dash Acquisitions Inc. grew its stake in shares of Otis Worldwide by 3.0% during the first quarter. Dash Acquisitions Inc. now owns 11,230 shares of the company’s stock valued at $1,066,000 after purchasing an additional 323 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Otis Worldwide by 145.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company’s stock valued at $22,837,000 after purchasing an additional 136,324 shares during the last quarter. Trivant Custom Portfolio Group LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $2,287,000. Investment Research & Advisory Group Inc. bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $1,752,000. Finally, Grimes & Company Inc. grew its stake in shares of Otis Worldwide by 3.6% during the first quarter. Grimes & Company Inc. now owns 5,325 shares of the company’s stock valued at $529,000 after purchasing an additional 183 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $96.51 on Thursday. The firm’s fifty day moving average is $96.20 and its two-hundred day moving average is $94.05. The firm has a market cap of $39.02 billion, a PE ratio of 27.89 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month 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 for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Melius initiated coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $99.33.

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.