Quintet Private Bank Europe S.A. Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Quintet Private Bank Europe S.A. increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,936 shares of the company's stock after acquiring an additional 9,467 shares during the period. Otis Worldwide makes up about 1.8% of Quintet Private Bank Europe S.A.'s holdings, making the stock its 20th largest holding. Quintet Private Bank Europe S.A. owned about 0.07% of Otis Worldwide worth $29,921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of OTIS. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter valued at $649,883,000. GAMMA Investing LLC raised its stake in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after buying an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide in the fourth quarter valued at $66,962,000. Finally, Northern Trust Corp raised its stake in Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after buying an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock traded down $1.23 during mid-day trading on Friday, hitting $95.72. 1,873,523 shares of the stock were exchanged, compared to its average volume of 2,317,869. The stock's fifty day simple moving average is $96.10 and its two-hundred day simple moving average is $97.08. The stock has a market capitalization of $37.78 billion, a price-to-earnings ratio of 23.58 and a beta of 0.98. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on OTIS shares. Royal Bank of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus price target 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.