Bank Julius Baer & Co. Ltd Zurich Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Bank Julius Baer & Co. Ltd Zurich increased its position in Otis Worldwide Co. (NYSE:OTIS) by 21.7% in the 4th quarter, Holdings Channel reports. The firm owned 3,264 shares of the company’s stock after buying an additional 583 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Otis Worldwide were worth $292,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of 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 purchasing an additional 2,442,203 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Otis Worldwide by 3.0% in the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after purchasing an additional 135,048 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in Otis Worldwide by 1.7% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after acquiring an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Otis Worldwide by 3.8% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock valued at $265,814,000 after acquiring an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp increased its position in Otis Worldwide by 6.8% in the 3rd quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after acquiring an additional 146,968 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction on Wednesday, February 7th. The stock was 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 of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Finally, Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $96.86.

Otis Worldwide Trading Down 0.9 %

NYSE OTIS opened at $92.20 on Friday. The business’s 50 day moving average is $96.44 and its two-hundred day moving average is $89.42. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The stock has a market capitalization of $37.27 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01.

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, topping the consensus estimate 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 company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Equities analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared 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. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 39.31%.

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.