Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Deutsche Bank AG

Deutsche Bank AG raised its position in Otis Worldwide Co. (NYSE:OTIS) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,695,446 shares of the company’s stock after purchasing an additional 206,444 shares during the quarter. Deutsche Bank AG owned about 0.43% of Otis Worldwide worth $157,015,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OTIS. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock valued at $4,167,806,000 after acquiring an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock worth $1,031,787,000 after purchasing an additional 95,035 shares during the period. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Finally, Norges Bank purchased a new stake in Otis Worldwide in the 4th quarter valued at about $649,883,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OTIS shares. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Royal Bank of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $100.00.

Otis Worldwide Price Performance

OTIS stock opened at $97.06 on Friday. The business’s 50-day moving average is $98.52 and its two-hundred day moving average is $97.76. The firm has a market capitalization of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Otis Worldwide’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. On average, analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. Otis Worldwide’s payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,800 shares of company stock valued at $3,588,044 in the last three months. 0.23% of the stock is currently owned by company insiders.

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.