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

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

A number of other institutional investors also recently modified their holdings of OTIS. Resonant Capital Advisors LLC increased its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after purchasing an additional 105 shares in the last quarter. Coldstream Capital Management Inc. increased its holdings in Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after purchasing an additional 109 shares in the last quarter. Montis Financial LLC increased its holdings in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares in the last quarter. AlTi Global Inc. increased its holdings in Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after purchasing an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its holdings in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OTIS shares. Wells Fargo & Company lowered their target price 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. 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. 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 issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $100.71.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Down 0.4%

NYSE:OTIS traded down $0.39 on Thursday, hitting $97.25. The stock had a trading volume of 2,368,405 shares, compared to its average volume of 2,329,831. The business's fifty day moving average is $97.82 and its 200 day moving average is $97.58. The company has a market cap of $38.38 billion, a PE ratio of 23.95 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week 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 analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period last year, the business posted $0.88 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.73%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Otis Worldwide 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.