Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Toronto Dominion Bank

Toronto Dominion Bank raised its position in Otis Worldwide Co. (NYSE:OTIS) by 56.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 219,473 shares of the company’s stock after buying an additional 79,200 shares during the period. Toronto Dominion Bank’s holdings in Otis Worldwide were worth $20,325,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Resonant Capital Advisors LLC boosted its holdings in Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after purchasing an additional 105 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the last quarter. Montis Financial LLC boosted its holdings in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares in the last quarter. AlTi Global Inc. boosted its holdings in shares of Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after buying an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its position in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on OTIS. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada reduced their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $100.71.

Otis Worldwide Stock Down 0.4%

OTIS opened at $98.46 on Tuesday. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The business has a 50 day moving average price of $97.98 and a two-hundred day moving average price of $97.59. The company has a market cap of $38.86 billion, a PE ratio of 24.25 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.71%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is presently 44.09%.

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.