Raiffeisen Bank International AG Makes New $269,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Raiffeisen Bank International AG bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,910 shares of the company's stock, valued at approximately $269,000.

Other large investors have also recently made changes to their positions in the company. Transce3nd LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.44 during trading hours on Friday, hitting $96.74. The stock had a trading volume of 2,286,762 shares, compared to its average volume of 2,333,170. The firm has a market capitalization of $38.18 billion, a PE ratio of 23.83 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The stock's 50 day moving average is $97.72 and its 200 day moving average is $97.54.

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

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a $0.42 dividend. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction 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 sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on OTIS shares. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Barclays dropped their price target on shares of 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 dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus target price of $100.71.

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.