Vontobel Holding Ltd. Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Vontobel Holding Ltd. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 73.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 24,344 shares of the company’s stock after selling 66,287 shares during the quarter. Vontobel Holding Ltd.’s holdings in Otis Worldwide were worth $2,178,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. American Century Companies Inc. raised its holdings in Otis Worldwide by 8.6% during the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock valued at $601,000 after buying an additional 620 shares during the period. Cibc World Market Inc. increased its stake in Otis Worldwide by 3.0% in the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after purchasing an additional 338 shares during the period. Moors & Cabot Inc. increased its stake in Otis Worldwide by 7.7% in the first quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after purchasing an additional 469 shares during the period. Sequoia Financial Advisors LLC increased its stake in Otis Worldwide by 25.3% in the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after purchasing an additional 715 shares during the period. Finally, Brighton Jones LLC increased its stake in Otis Worldwide by 5.0% in the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after purchasing an additional 183 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

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 transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on OTIS. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Barclays raised their price objective 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company decreased their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Finally, Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Seven 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.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $94.29.

Otis Worldwide Stock Up 0.6 %

Shares of NYSE:OTIS opened at $95.49 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The stock has a market cap of $38.60 billion, a price-to-earnings ratio of 28.17 and a beta of 1.01. The business has a 50-day moving average price of $96.03 and a 200-day moving average price of $88.73.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the company posted $0.75 earnings per share. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is 40.12%.

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.