National Bank of Canada FI Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

National Bank of Canada FI reduced its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 41.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 170,041 shares of the company's stock after selling 120,431 shares during the quarter. National Bank of Canada FI's holdings in Otis Worldwide were worth $15,036,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company's stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. Northern Trust Corp grew its position in shares of Otis Worldwide by 3.0% in the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company's stock valued at $374,393,000 after purchasing an additional 135,048 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company's stock worth $276,931,000 after purchasing an additional 59,211 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Otis Worldwide by 3.8% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company's stock worth $265,814,000 after purchasing an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its holdings in Otis Worldwide by 6.8% during the 3rd quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company's stock valued at $186,642,000 after buying an additional 146,968 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide 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 value 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 SEC, which is available through this hyperlink. In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm's stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company's stock, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the company'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 value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Argus raised Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, April 25th. UBS Group lifted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a "neutral" rating in a research report on Friday, February 16th. Finally, Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a "hold" rating on the stock. Six research analysts have rated the stock with a hold rating and two have assigned 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 Stock Performance

Shares of OTIS traded up $0.64 during trading hours on Wednesday, hitting $94.53. The company had a trading volume of 1,664,889 shares, compared to its average volume of 2,011,730. The stock has a market capitalization of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The firm has a fifty day moving average price of $96.43 and a 200-day moving average price of $90.11.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating 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 net margin of 9.99% and a negative return on equity of 31.02%. Research analysts anticipate 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. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide's payout ratio is 39.31%.

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.