Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 139,676 shares of the company's stock after selling 5,888 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Otis Worldwide were worth $14,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Transce3nd LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $25,000. NBC Securities Inc. bought a new stake in Otis Worldwide during the 1st quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $28,000. Wayfinding Financial LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth $31,000. Finally, Orion Capital Management LLC bought a new position in Otis Worldwide in the 4th quarter worth about $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on OTIS. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Barclays cut their price target 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Down 0.9%

Shares of NYSE:OTIS traded down $0.74 during midday trading on Thursday, reaching $85.69. The company's stock had a trading volume of 4,071,348 shares, compared to its average volume of 2,956,224. The firm has a 50 day moving average of $96.31 and a 200-day moving average of $97.16. The firm has a market capitalization of $33.63 billion, a P/E ratio of 22.39, a PEG ratio of 4.15 and a beta of 0.98. Otis Worldwide Corporation has a 12-month low of $85.45 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the firm earned $1.06 EPS. The firm's revenue was down .2% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

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.