Cetera Trust Company N.A Buys New Stake in Otis Worldwide Co. (NYSE:OTIS)

Cetera Trust Company N.A purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 300 shares of the company’s stock, valued at approximately $27,000.

Several other large investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Otis Worldwide by 104.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after buying an additional 794,626 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after buying an additional 533,590 shares during the last quarter. Barclays PLC boosted its position in Otis Worldwide by 82.1% in the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after buying an additional 431,542 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in Otis Worldwide by 64.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after buying an additional 304,669 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OTIS shares. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $95.00.

Insider Buying and Selling at Otis Worldwide

In related 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 transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 1.2 %

Shares of NYSE:OTIS opened at $97.47 on Wednesday. The firm’s 50 day moving average is $96.36 and its two-hundred day moving average is $89.21. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The firm has a market capitalization of $39.40 billion, a P/E ratio of 28.75 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the business earned $0.75 earnings per share. Analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.40%. Otis Worldwide’s payout ratio is currently 40.12%.

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.