National Bank of Canada FI Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

National Bank of Canada FI lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 41.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 170,041 shares of the company’s stock after selling 120,431 shares during the period. National Bank of Canada FI’s holdings in Otis Worldwide were worth $15,036,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cetera Trust Company N.A purchased a new stake in Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth about $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide in the third quarter worth about $33,000. Finally, CNB Bank increased its stake in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Barclays lifted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group increased their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company reduced 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 report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $96.86.

Insiders Place Their Bets

In other 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 in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $93.89 on Wednesday. The company’s fifty day moving average price is $96.43 and its 200-day moving average price is $90.00. The firm has a market capitalization of $37.96 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities research analysts expect 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 given a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. Otis Worldwide’s payout ratio is presently 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.