Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the 4th quarter, HoldingsChannel reports. The fund owned 112,713 shares of the company’s stock after buying an additional 1,280 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Otis Worldwide were worth $10,084,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $30,000. Janiczek Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 141.1% in the 3rd quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after buying an additional 223 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.00.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $95.12 on Friday. The firm has a market cap of $38.45 billion, a price-to-earnings ratio of 28.06 and a beta of 1.01. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The firm’s 50 day moving average price is $96.11 and its two-hundred day moving average price is $88.84.

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

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Insider Activity

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on 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 legal filing with the SEC, which is available through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on 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 legal filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

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.