Zurcher Kantonalbank Zurich Cantonalbank Purchases 1,280 Shares of Otis Worldwide Co. (NYSE:OTIS)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,713 shares of the company’s stock after purchasing an additional 1,280 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Otis Worldwide were worth $10,084,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at about $30,000. Janiczek Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after buying an additional 223 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $33,000. Finally, Resurgent Financial Advisors LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $95.12 on Friday. The stock has a market cap of $38.45 billion, a P/E 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 has a 50-day moving average of $96.11 and a 200 day moving average of $88.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.43%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

Analyst Ratings Changes

Several research analysts have recently commented on OTIS shares. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Finally, Barclays boosted 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. Five investment 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, the company currently has an average rating of “Hold” and an average target price of $95.00.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were 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 in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Corporate 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.