Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Toronto Dominion Bank

Toronto Dominion Bank raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 56.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 219,473 shares of the company's stock after purchasing an additional 79,200 shares during the period. Toronto Dominion Bank owned 0.06% of Otis Worldwide worth $20,325,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after acquiring an additional 435,372 shares during the period. Finally, Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $649,883,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.5%

OTIS traded down $0.44 during midday trading on Friday, hitting $96.74. 2,286,762 shares of the company were exchanged, compared to its average volume of 2,333,170. The company's 50 day simple moving average is $97.72 and its 200 day simple moving average is $97.51. The firm has a market capitalization of $38.18 billion, a price-to-earnings ratio of 23.83 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share 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 the consensus estimate 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 last year, the firm earned $0.88 EPS. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid 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 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the 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 $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OTIS. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Royal Bank of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Finally, Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. 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 stock. According to data from MarketBeat.com, the company 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.