Banque Transatlantique SA Invests $534,000 in Otis Worldwide Co. (NYSE:OTIS)

Banque Transatlantique SA purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 5,798 shares of the company’s stock, valued at approximately $534,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. SVB Wealth LLC purchased a new position in Otis Worldwide in the fourth quarter valued at about $337,000. Clarkston Capital Partners LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $8,743,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Otis Worldwide by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after purchasing an additional 67,937 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OTIS. Barclays reduced 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. Royal Bank of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $100.00.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was 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 owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,587 shares of company stock worth $7,627,564 in the last three months. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 1.0 %

OTIS opened at $97.36 on Friday. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The company’s 50 day moving average is $98.75 and its 200 day moving average is $97.98. The company has a market cap of $38.43 billion, a price-to-earnings ratio of 23.98 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide 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.