Raiffeisen Bank International AG Buys 6,052 Shares of Otis Worldwide Corporation $OTIS

Raiffeisen Bank International AG lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 100.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,079 shares of the company’s stock after purchasing an additional 6,052 shares during the period. Raiffeisen Bank International AG’s holdings in Otis Worldwide were worth $1,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. Vanguard Group Inc. boosted its position in Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Otis Worldwide by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after purchasing an additional 129,458 shares during the period. Norges Bank bought a new stake in shares of Otis Worldwide during the second quarter valued at approximately $721,614,000. Finally, Massachusetts Financial Services Co. MA grew its stake in Otis Worldwide by 2.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after purchasing an additional 181,739 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 $92.66 on Monday. The company has a market capitalization of $36.02 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 2.79 and a beta of 1.01. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The company’s 50-day moving average is $89.22 and its 200 day moving average is $89.16.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis. As a group, research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio is 48.00%.

Wall Street Analyst Weigh In

Several equities analysts have commented on OTIS shares. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. Finally, Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $101.44.

Insiders Place Their Bets

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.