Otis Worldwide Co. (NYSE:OTIS) Stock Position Raised by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 50.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,000 shares of the company’s stock after purchasing an additional 5,000 shares during the period. K.J. Harrison & Partners Inc’s holdings in Otis Worldwide were worth $1,342,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter valued at 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. purchased a new stake in shares of Otis Worldwide in the third quarter worth approximately $33,000. Finally, CNB Bank boosted its holdings in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.9 %

Shares of NYSE:OTIS traded down $0.82 on Friday, reaching $92.20. The company had a trading volume of 2,314,121 shares, compared to its average volume of 1,745,609. The stock has a market capitalization of $37.27 billion, a P/E ratio of 26.64 and a beta of 1.01. The stock has a 50-day moving average price of $96.44 and a 200 day moving average price of $89.35. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during 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%. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

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

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were 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 of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Judith Fran Marks sold 37,312 shares of the 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OTIS shares. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.86.

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.