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

Swiss National Bank lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 3.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,287,943 shares of the company’s stock after selling 41,500 shares during the quarter. Swiss National Bank’s holdings in Otis Worldwide were worth $115,232,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its stake 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 acquiring an additional 2,442,203 shares during the period. Northern Trust Corp grew its position in shares of Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after buying an additional 135,048 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Otis Worldwide by 1.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock worth $276,931,000 after buying an additional 59,211 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 3.8% in the third 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 in the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its stake in Otis Worldwide by 6.8% during 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 last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

OTIS opened at $92.12 on Friday. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock’s 50 day moving average price is $96.44 and its 200 day moving average price is $89.75. The stock has a market cap of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on OTIS shares. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, 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. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $96.86.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 37,312 shares of the 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 completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now 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 company insiders.

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.