Czech National Bank Buys 5,015 Shares of Otis Worldwide Co. (NYSE:OTIS)

Czech National Bank lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,612 shares of the company’s stock after purchasing an additional 5,015 shares during the quarter. Czech National Bank’s holdings in Otis Worldwide were worth $8,021,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter valued at $25,000. Cranbrook Wealth Management LLC raised its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $29,000. Finally, Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $103.50.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

NYSE OTIS opened at $91.72 on Wednesday. The company has a market capitalization of $36.64 billion, a PE ratio of 22.87 and a beta of 1.06. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The company has a 50-day simple moving average of $97.23 and a 200 day simple moving average of $97.34.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide Company 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.