Raiffeisen Bank International AG Acquires 3,349 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Raiffeisen Bank International AG increased its stake in Otis Worldwide by 115.1%, purchasing an additional 3,349 shares and bringing its total holdings to 6,259 shares valued at approximately $639,000.
• Several hedge funds have also adjusted their positions in Otis Worldwide, with institutional investors collectively owning 88.03% of the stock.
• Otis Worldwide declared a quarterly dividend of $0.42 per share, translating to an annualized yield of 2.0%, with the ex-dividend date set for August 15th.

Raiffeisen Bank International AG lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 115.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,259 shares of the company's stock after purchasing an additional 3,349 shares during the quarter. Raiffeisen Bank International AG's holdings in Otis Worldwide were worth $639,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OTIS. Prudential PLC increased its holdings in shares of Otis Worldwide by 89.4% during the fourth quarter. Prudential PLC now owns 13,468 shares of the company's stock worth $1,247,000 after purchasing an additional 6,359 shares during the period. Resona Asset Management Co. Ltd. bought a new position in shares of Otis Worldwide during the fourth quarter worth approximately $10,806,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Otis Worldwide during the fourth quarter worth approximately $824,000. Envestnet Asset Management Inc. raised its position in Otis Worldwide by 2.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 558,086 shares of the company's stock valued at $51,684,000 after purchasing an additional 12,310 shares in the last quarter. Finally, Wedbush Securities Inc. raised its position in Otis Worldwide by 39.7% during the fourth quarter. Wedbush Securities Inc. now owns 6,427 shares of the company's stock valued at $595,000 after purchasing an additional 1,826 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several research analyst reports. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Barclays lowered 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 report on Thursday, July 24th. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Performance

NYSE OTIS opened at $85.37 on Tuesday. The firm's fifty day moving average price is $95.61 and its two-hundred day moving average price is $97.07. The stock has a market cap of $33.50 billion, a PE ratio of 22.58, a PEG ratio of 4.08 and a beta of 0.95. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.06 earnings per share. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

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.

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