Raiffeisen Bank International AG Grows Stock Holdings in Otis Worldwide Corporation $OTIS

Raiffeisen Bank International AG boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 100.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,079 shares of the company’s stock after purchasing an additional 6,052 shares during the period. Raiffeisen Bank International AG’s holdings in Otis Worldwide were worth $1,103,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Root Financial Partners LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at $26,000. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide in the second quarter worth $31,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the third quarter valued at about $31,000. Finally, Oakworth Capital Inc. lifted its holdings in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.4%

NYSE OTIS opened at $92.66 on Monday. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The stock has a market cap of $36.02 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 2.79 and a beta of 1.01. The company’s 50 day moving average is $89.22 and its two-hundred day moving average is $89.16.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.93 earnings per share. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last ninety days. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. Finally, JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.