Primecap Management Co. CA Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Primecap Management Co. CA increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,882,741 shares of the company’s stock after buying an additional 183,700 shares during the period. Primecap Management Co. CA owned about 0.46% of Otis Worldwide worth $168,449,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. JB Capital LLC increased its stake in shares of Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after buying an additional 129 shares during the period. Baystate Wealth Management LLC increased its stake in shares of Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after buying an additional 138 shares during the period. Sigma Planning Corp boosted its holdings in Otis Worldwide by 3.5% in the third quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock valued at $336,000 after purchasing an additional 141 shares in the last quarter. ICW Investment Advisors LLC boosted its holdings in Otis Worldwide by 2.4% in the fourth quarter. ICW Investment Advisors LLC now owns 6,129 shares of the company’s stock valued at $548,000 after purchasing an additional 144 shares in the last quarter. Finally, Spire Wealth Management boosted its holdings in Otis Worldwide by 19.0% in the fourth quarter. Spire Wealth Management now owns 932 shares of the company’s stock valued at $82,000 after purchasing an additional 149 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Barclays upped their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Finally, Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $97.71.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.44 during trading hours on Friday, hitting $97.57. The stock had a trading volume of 1,345,696 shares, compared to its average volume of 1,904,175. The firm has a market capitalization of $39.45 billion, a PE ratio of 28.20 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The stock’s 50 day moving average is $96.55 and its 200 day moving average is $91.79.

Otis Worldwide (NYSE:OTIS) last issued its quarterly 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. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. As a group, equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current 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 issued a dividend of $0.39 per share. 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 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The stock was 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 directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.