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Quintet Private Bank Europe S.A. Acquires 49,329 Shares of Otis Worldwide Co. (NYSE:OTIS)

Otis Worldwide logo with Construction background

Quintet Private Bank Europe S.A. lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 282,506 shares of the company's stock after acquiring an additional 49,329 shares during the quarter. Otis Worldwide comprises approximately 1.6% of Quintet Private Bank Europe S.A.'s holdings, making the stock its 20th largest position. Quintet Private Bank Europe S.A. owned about 0.07% of Otis Worldwide worth $25,276,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in OTIS. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $628,855,000. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company's stock valued at $605,571,000 after purchasing an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company's stock valued at $124,906,000 after purchasing an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Otis Worldwide by 119.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company's stock valued at $78,830,000 after purchasing an additional 533,590 shares in the last quarter. Finally, PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 17.4% during the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company's stock valued at $298,721,000 after purchasing an additional 494,460 shares in the last quarter. Institutional investors own 88.03% of the company's stock.


Otis Worldwide Trading Down 0.3 %

Shares of NYSE:OTIS traded down $0.31 during midday trading on Friday, hitting $97.13. The company had a trading volume of 1,774,294 shares, compared to its average volume of 2,065,691. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock has a market cap of $39.27 billion, a price-to-earnings ratio of 28.07 and a beta of 1.04. The firm has a fifty day simple moving average of $96.25 and a 200 day simple moving average of $93.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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 business had revenue of $3.44 billion for 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%. Equities analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.34. Otis Worldwide's dividend payout ratio (DPR) is presently 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a "hold" rating for the company. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday, April 25th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 25th. Finally, Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a "buy" rating in a research report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $97.71.

Get Our Latest Research Report on OTIS

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company's stock, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.23% of the company's stock.

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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