Swiss National Bank Sells 41,500 Shares of Otis Worldwide Co. (NYSE:OTIS)

Swiss National Bank trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,287,943 shares of the company's stock after selling 41,500 shares during the quarter. Swiss National Bank owned approximately 0.31% of Otis Worldwide worth $115,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. lifted its position in Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company's stock worth $544,000 after buying an additional 2,390 shares in the last quarter. Stevens Capital Management LP grew its stake in shares of Otis Worldwide by 142.1% during the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company's stock valued at $676,000 after purchasing an additional 4,435 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company's stock valued at $13,570,000 after purchasing an additional 150,563 shares in the last quarter. SG Americas Securities LLC raised its position in Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company's stock worth $10,378,000 after purchasing an additional 74,030 shares during the last quarter. Finally, Smith Salley & Associates acquired a new position in Otis Worldwide during the 4th quarter worth $1,113,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Argus raised Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a "hold" rating for the company. Wells Fargo & Company lowered their price objective on Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating for the company in a research report on Thursday, April 25th. Finally, UBS Group lifted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, February 16th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $96.86.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.35 during trading on Friday, hitting $92.12. 1,788,702 shares of the company were exchanged, compared to its average volume of 1,949,805. The firm has a market capitalization of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The firm's fifty day moving average price is $96.44 and its 200 day moving average price is $89.75.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.34. Otis Worldwide's payout ratio is 39.31%.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the business's stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

About Otis Worldwide

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.