Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.6% in the 4th quarter, Holdings Channel reports. The fund owned 3,762 shares of the company’s stock after selling 594 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Otis Worldwide were worth $384,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 58.3% in 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 last quarter. Canoe Financial LP boosted its position in shares of Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares during the period. National Bank of Canada FI raised its holdings in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after buying an additional 523,518 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after buying an additional 391,206 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $103.95 on Tuesday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock has a market cap of $41.22 billion, a PE ratio of 25.60 and a beta of 1.05. The stock has a fifty day moving average price of $96.11 and a 200 day moving average price of $97.92.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 over the last quarter. Insiders own 0.23% of the company’s stock.

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.