Bank Julius Baer & Co. Ltd Zurich Purchases 70,273 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Bank Julius Baer & Co. Ltd Zurich increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1,868.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,035 shares of the company's stock after purchasing an additional 70,273 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Otis Worldwide were worth $7,683,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter valued at $25,000. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $28,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the first quarter valued at about $31,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $35,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.57 during midday trading on Friday, hitting $89.77. 4,084,243 shares of the company's stock were exchanged, compared to its average volume of 2,628,104. The stock has a 50 day moving average price of $96.96 and a 200-day moving average price of $97.29. The company has a market cap of $35.43 billion, a PE ratio of 23.75, a price-to-earnings-growth ratio of 2.46 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $86.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm's revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.06 earnings per share. On average, analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is presently 44.44%.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $102.50.

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.