Tokio Marine Asset Management Co. Ltd. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Tokio Marine Asset Management Co. Ltd. lifted its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,993 shares of the company’s stock after buying an additional 314 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $1,039,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OTIS. Hancock Whitney Corp lifted its stake in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the period. Optas LLC lifted its stake in shares of Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares during the period. Brighton Jones LLC lifted its stake in shares of Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after acquiring an additional 124 shares during the period. Park Avenue Securities LLC boosted its holdings in Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after buying an additional 127 shares in the last quarter. Finally, Resonant Capital Advisors LLC grew its position in Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after buying an additional 150 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.2 %

Otis Worldwide stock opened at $99.10 on Friday. The firm has a market capitalization of $39.59 billion, a P/E ratio of 24.71 and a beta of 1.04. The stock has a fifty day moving average price of $100.41 and a 200 day moving average price of $97.27. Otis Worldwide Co. has a 52 week low of $83.21 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, equities analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday. They set a “neutral” rating and a $113.00 price objective for the company. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $104.57.

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.