Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Royal Bank of Canada

Royal Bank of Canada grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 21.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 879,250 shares of the company’s stock after purchasing an additional 158,079 shares during the period. Royal Bank of Canada’s holdings in Otis Worldwide were worth $81,427,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. SVB Wealth LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock valued at $213,418,000 after buying an additional 67,937 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.4%

Shares of Otis Worldwide stock opened at $98.46 on Tuesday. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The business has a 50-day moving average price of $97.98 and a 200 day moving average price of $97.59. The firm has a market cap of $38.86 billion, a PE ratio of 24.25 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business earned $0.88 EPS. Otis Worldwide’s quarterly revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday. Barclays cut their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, Royal Bank of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $100.71.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by company insiders.

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.