Maryland State Retirement & Pension System Buys 603 Shares of Otis Worldwide Co. (NYSE:OTIS)

Maryland State Retirement & Pension System grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,169 shares of the company’s stock after acquiring an additional 603 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Otis Worldwide were worth $2,878,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Cetera Trust Company N.A bought a new position in Otis Worldwide during the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide during the 3rd quarter valued at $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $33,000. Finally, CNB Bank lifted its stake in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on OTIS shares. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $96.86.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.38 during trading on Wednesday, reaching $94.27. 203,123 shares of the stock traded hands, compared to its average volume of 1,995,458. The business has a fifty day simple moving average of $96.43 and a two-hundred day simple moving average of $90.00. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The company has a market capitalization of $38.12 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03.

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 analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. On average, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Otis Worldwide 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.