Swiss National Bank Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Swiss National Bank reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,287,943 shares of the company’s stock after selling 41,500 shares during the quarter. Swiss National Bank owned about 0.31% of Otis Worldwide worth $115,232,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. JB Capital LLC increased its stake in 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 acquiring an additional 129 shares during the last quarter. Baystate Wealth Management LLC increased its position in Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock valued at $86,000 after acquiring an additional 138 shares during the last quarter. Sigma Planning Corp raised its stake in shares of 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 acquiring an additional 141 shares during the period. ICW Investment Advisors LLC lifted its holdings in shares of Otis Worldwide by 2.4% in the 4th quarter. ICW Investment Advisors LLC now owns 6,129 shares of the company’s stock worth $548,000 after acquiring an additional 144 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Otis Worldwide by 19.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 943 shares of the company’s stock worth $84,000 after purchasing an additional 151 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $92.12 on Friday. The business’s 50-day moving average is $96.44 and its 200 day moving average is $89.75. The firm has a market capitalization of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 39.31%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value 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. 0.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. UBS Group upped 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. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. JPMorgan Chase & Co. boosted 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. Finally, Melius began 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $96.86.

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.