Texas Bank & Trust Co Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Texas Bank & Trust Co bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,400 shares of the company's stock, valued at approximately $407,000.

A number of other hedge funds have also recently modified their holdings of the business. Tidal Investments LLC boosted its holdings in shares of Otis Worldwide by 6.4% during the 4th quarter. Tidal Investments LLC now owns 34,524 shares of the company's stock valued at $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% in the 4th quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock worth $20,325,000 after purchasing an additional 79,200 shares in the last quarter. Snowden Capital Advisors LLC boosted its stake in Otis Worldwide by 5.4% in the 4th quarter. Snowden Capital Advisors LLC now owns 11,332 shares of the company's stock worth $1,049,000 after purchasing an additional 584 shares in the last quarter. Royal Bank of Canada boosted its stake in Otis Worldwide by 21.9% in the 4th quarter. Royal Bank of Canada now owns 879,250 shares of the company's stock worth $81,427,000 after purchasing an additional 158,079 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in Otis Worldwide by 11.1% in the 4th quarter. Rafferty Asset Management LLC now owns 37,314 shares of the company's stock worth $3,456,000 after purchasing an additional 3,727 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 1.0%

Otis Worldwide stock opened at $98.85 on Monday. The firm has a 50 day moving average of $98.02 and a 200 day moving average of $97.60. The firm has a market capitalization of $39.01 billion, a price-to-earnings ratio of 24.35 and a beta of 1.01. 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 released its earnings results 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 during the quarter, compared to analyst estimates 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 quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 EPS. On average, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business 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 positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction 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 trade represents a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Finally, Royal Bank of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $100.71.

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.

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