BNP Paribas Has $4.43 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

BNP Paribas trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,752 shares of the company’s stock after selling 1,651 shares during the period. BNP Paribas’ holdings in Otis Worldwide were worth $4,425,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Resonant Capital Advisors LLC grew its stake in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the period. Coldstream Capital Management Inc. grew its position in shares of Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC raised its position in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after acquiring an additional 110 shares during the period. AlTi Global Inc. boosted its stake in Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after acquiring an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,587 shares of company stock worth $7,627,564 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 1.0 %

NYSE 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 firm’s 50 day moving average is $98.75 and its 200-day moving average is $97.98. The company has a market capitalization of $38.43 billion, a PE ratio of 23.98 and a beta of 1.01.

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

Otis Worldwide declared that its board has authorized a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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 dividend of $0.42 per share. 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 annualized dividend and a yield of 1.73%. Otis Worldwide’s dividend payout ratio is 44.09%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTIS. Royal Bank of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. JPMorgan Chase & Co. cut their price objective on 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 lowered their target price 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 analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $100.00.

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.