Nomura Holdings Inc. Invests $4.57 Million in Otis Worldwide Co. (NYSE:OTIS)

Nomura Holdings Inc. acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 51,066 shares of the company’s stock, valued at approximately $4,569,000.

Other hedge funds have also recently bought and sold shares of the company. Prudential PLC grew its stake in shares of Otis Worldwide by 12.9% in the third quarter. Prudential PLC now owns 17,168 shares of the company’s stock worth $1,379,000 after acquiring an additional 1,959 shares in the last quarter. Rafferty Asset Management LLC grew its stake in Otis Worldwide by 9.5% during the 3rd quarter. Rafferty Asset Management LLC now owns 32,744 shares of the company’s stock worth $2,630,000 after purchasing an additional 2,848 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Otis Worldwide during the 3rd quarter worth about $2,585,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $1,384,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Otis Worldwide by 28.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 483,820 shares of the company’s stock valued at $38,856,000 after buying an additional 108,578 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS traded down $2.12 on Tuesday, reaching $95.35. The stock had a trading volume of 232,220 shares, compared to its average volume of 2,019,744. The stock has a market cap of $38.55 billion, a P/E ratio of 28.17 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The business’s 50-day moving average price is $96.24 and its 200 day moving average price is $93.41.

Otis Worldwide (NYSE:OTIS) last released its 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. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OTIS. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Argus lifted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Barclays increased their target price 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 decreased 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 shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.71.

About Otis Worldwide

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.