Deutsche Bank AG Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Deutsche Bank AG raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 13.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,695,446 shares of the company's stock after acquiring an additional 206,444 shares during the period. Deutsche Bank AG owned approximately 0.43% of Otis Worldwide worth $157,015,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new position in Otis Worldwide in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $28,000. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth approximately $33,000. Finally, Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $98.86.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $1.33 during trading hours on Thursday, hitting $97.37. The company's stock had a trading volume of 2,973,696 shares, compared to its average volume of 2,300,056. The business's 50-day moving average is $98.18 and its two-hundred day moving average is $97.65. The company has a market capitalization of $38.43 billion, a PE ratio of 23.97 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. As a group, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

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.