Tokio Marine Asset Management Co. Ltd. Has $715,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,991 shares of the company’s stock after acquiring an additional 519 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $715,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cetera Trust Company N.A bought a new position in Otis Worldwide during the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth about $28,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $30,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $33,000. Finally, CNB Bank raised its position in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $92.18 on Friday. The company has a market capitalization of $37.26 billion, a P/E ratio of 26.64 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The business has a 50-day simple moving average of $96.44 and a two-hundred day simple moving average of $89.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. 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. Otis Worldwide’s payout ratio is presently 39.31%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OTIS shares. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company reduced their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays raised their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, UBS Group raised their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $96.86.

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.