CHICAGO TRUST Co NA Acquires 750 Shares of Otis Worldwide Co. (NYSE:OTIS)

CHICAGO TRUST Co NA increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 28.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,428 shares of the company’s stock after purchasing an additional 750 shares during the quarter. CHICAGO TRUST Co NA’s holdings in Otis Worldwide were worth $317,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. Franklin Resources Inc. increased its holdings in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the period. Van ECK Associates Corp lifted its stake in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in shares of Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OTIS. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Barclays dropped their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

OTIS stock opened at $90.89 on Tuesday. The company has a market capitalization of $36.31 billion, a PE ratio of 22.67 and a beta of 1.06. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33. The company’s 50 day moving average price is $97.40 and its two-hundred day moving average price is $97.37.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.72%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide Company 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.