Banque Transatlantique SA Invests $534,000 in Otis Worldwide Co. (NYSE:OTIS)

Banque Transatlantique SA bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,798 shares of the company's stock, valued at approximately $534,000.

Several other institutional investors also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC grew its position in shares of Otis Worldwide by 3.1% in the 4th 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 during the period. Coldstream Capital Management Inc. lifted its stake in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after buying an additional 109 shares in the last quarter. Montis Financial LLC boosted its holdings in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after buying an additional 110 shares during the period. AlTi Global Inc. increased its position in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after acquiring an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its holdings in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after acquiring an additional 114 shares during the period. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Barclays cut their target price 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, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $100.00.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,800 shares of company stock valued at $3,588,044 over the last 90 days. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

OTIS stock traded down $0.05 during mid-day trading on Friday, reaching $97.27. The company had a trading volume of 905,295 shares, compared to its average volume of 2,269,396. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The company has a market capitalization of $38.39 billion, a price-to-earnings ratio of 23.96 and a beta of 1.01. The stock has a 50 day simple moving average of $98.58 and a two-hundred day simple moving average of $97.80.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. On average, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued 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 1.73%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Otis Worldwide 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.