72,859 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Van ECK Associates Corp

Van ECK Associates Corp purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 72,859 shares of the company's stock, valued at approximately $6,519,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the 4th quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth about $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $30,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $33,000. Finally, CNB Bank boosted its holdings in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company's stock valued at $34,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OTIS. JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a "neutral" rating in a report on Thursday, April 25th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a "hold" rating for the company. Argus raised shares of Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price target for the company in a report on Thursday, February 22nd. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating for the company in a report on Thursday, April 25th. Finally, UBS Group lifted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a "neutral" rating in a report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus target price of $96.86.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.35 on Friday, hitting $92.12. The company's stock had a trading volume of 1,788,702 shares, compared to its average volume of 1,949,805. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock's 50-day moving average is $96.44 and its two-hundred day moving average is $89.89. The company has a market capitalization of $37.25 billion, a price-to-earnings ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.44 billion. Equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.34. Otis Worldwide's dividend payout ratio (DPR) is currently 39.31%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the company's stock in a transaction on Wednesday, February 7th. The stock was 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 $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, 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 owned by corporate 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.