Royal Bank of Canada Acquires 158,079 Shares of Otis Worldwide Co. (NYSE:OTIS)

Royal Bank of Canada raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 21.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 879,250 shares of the company’s stock after acquiring an additional 158,079 shares during the quarter. Royal Bank of Canada owned approximately 0.22% of Otis Worldwide worth $81,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% in the 3rd 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. Norges Bank bought a new position in Otis Worldwide in the 4th quarter valued at $649,883,000. BNP Paribas Financial Markets bought a new position in Otis Worldwide in the 4th quarter valued at $66,962,000. Northern Trust Corp grew its position in Otis Worldwide by 12.3% in the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock valued at $423,934,000 after acquiring an additional 501,016 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock valued at $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank of Canada dropped their price target on 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 dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $98.46 on Tuesday. The stock has a market capitalization of $38.86 billion, a P/E ratio of 24.25 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. The business has a fifty day moving average price of $97.98 and a 200 day moving average price of $97.59.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during 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%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 EPS. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed 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 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 dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio is 44.09%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.