Quintet Private Bank Europe S.A. Acquires 49,329 Shares of Otis Worldwide Co. (NYSE:OTIS)

Quintet Private Bank Europe S.A. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 21.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 282,506 shares of the company’s stock after acquiring an additional 49,329 shares during the period. Otis Worldwide makes up 1.6% of Quintet Private Bank Europe S.A.’s holdings, making the stock its 20th biggest holding. Quintet Private Bank Europe S.A. owned 0.07% of Otis Worldwide worth $25,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blair William & Co. IL increased its stake in Otis Worldwide by 1.4% in the 3rd quarter. Blair William & Co. IL now owns 14,495 shares of the company’s stock valued at $1,164,000 after buying an additional 202 shares during the last quarter. Prudential PLC increased its stake in Otis Worldwide by 12.9% in the 3rd quarter. Prudential PLC now owns 17,168 shares of the company’s stock valued at $1,379,000 after buying an additional 1,959 shares during the last quarter. Rafferty Asset Management LLC increased its stake in Otis Worldwide by 9.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 32,744 shares of the company’s stock valued at $2,630,000 after buying an additional 2,848 shares during the last quarter. Korea Investment CORP increased its stake in Otis Worldwide by 131.5% in the 3rd quarter. Korea Investment CORP now owns 337,073 shares of the company’s stock valued at $27,070,000 after buying an additional 191,449 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $2,585,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 0.3 %

Shares of OTIS stock traded down $0.31 during mid-day trading on Friday, reaching $97.13. The stock had a trading volume of 1,774,294 shares, compared to its average volume of 2,065,691. The stock’s 50-day moving average price is $96.25 and its two-hundred day moving average price is $93.27. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The firm has a market capitalization of $39.27 billion, a PE ratio of 28.07 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This is a positive change 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 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Activity

In related news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

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

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.