Texas Bank & Trust Co Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Texas Bank & Trust Co purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,400 shares of the company's stock, valued at approximately $407,000.

A number of other institutional investors have also recently bought and sold shares of the business. Tidal Investments LLC boosted its stake in Otis Worldwide by 6.4% during the fourth quarter. Tidal Investments LLC now owns 34,524 shares of the company's stock worth $3,197,000 after buying an additional 2,079 shares in the last quarter. Toronto Dominion Bank boosted its stake in Otis Worldwide by 56.5% during the fourth quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock worth $20,325,000 after buying an additional 79,200 shares in the last quarter. Snowden Capital Advisors LLC boosted its stake in Otis Worldwide by 5.4% during the fourth quarter. Snowden Capital Advisors LLC now owns 11,332 shares of the company's stock worth $1,049,000 after buying an additional 584 shares in the last quarter. Royal Bank of Canada boosted its stake in Otis Worldwide by 21.9% during the fourth quarter. Royal Bank of Canada now owns 879,250 shares of the company's stock worth $81,427,000 after buying an additional 158,079 shares in the last quarter. Finally, Rafferty Asset Management LLC lifted its holdings in shares of Otis Worldwide by 11.1% during the fourth quarter. Rafferty Asset Management LLC now owns 37,314 shares of the company's stock valued at $3,456,000 after acquiring an additional 3,727 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.5%

Shares of Otis Worldwide stock traded down $0.44 during trading on Friday, reaching $96.74. The company's stock had a trading volume of 2,286,762 shares, compared to its average volume of 2,333,170. The stock has a 50-day moving average price of $97.72 and a two-hundred day moving average price of $97.54. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The stock has a market capitalization of $38.18 billion, a P/E ratio of 23.83 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have issued reports on OTIS shares. Royal Bank of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Finally, Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $100.71.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value 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 represents a 9.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.23% of the company's stock.

Otis Worldwide Company 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.