Toronto Dominion Bank Purchases 79,200 Shares of Otis Worldwide Co. (NYSE:OTIS)

Toronto Dominion Bank boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 56.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 219,473 shares of the company's stock after buying an additional 79,200 shares during the quarter. Toronto Dominion Bank owned 0.06% of Otis Worldwide worth $20,325,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Transce3nd LLC purchased a new position in Otis Worldwide during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $28,000. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. Finally, Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.2%

Otis Worldwide stock traded up $0.20 on Friday, reaching $95.36. 3,846,113 shares of the stock were exchanged, compared to its average volume of 2,319,140. The firm has a fifty day moving average price of $97.14 and a two-hundred day moving average price of $97.36. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The stock has a market cap of $37.64 billion, a PE ratio of 23.49 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm posted $0.88 earnings per share. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.76%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OTIS. Royal Bank of Canada lowered their price target 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. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wells Fargo & Company reduced 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. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus price target of $100.71.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The shares were 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 approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by insiders.

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.