Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 142,724 shares of the company’s stock after purchasing an additional 13,246 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Otis Worldwide were worth $14,835,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. lifted its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Shares of NYSE:OTIS opened at $102.98 on Friday. Otis Worldwide Co. has a 12-month low of $83.99 and a 12-month high of $106.33. The stock’s 50-day moving average price is $101.90 and its 200-day moving average price is $97.81. The stock has a market capitalization of $41.14 billion, a P/E ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 earnings per share. As a group, research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.51%. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company Profile

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.