Otis Worldwide Co. (NYSE:OTIS) Holdings Raised by Quintet Private Bank Europe S.A.

Quintet Private Bank Europe S.A. raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 267,617 shares of the company's stock after acquiring an additional 34,088 shares during the quarter. Otis Worldwide makes up about 1.6% of Quintet Private Bank Europe S.A.'s investment portfolio, making the stock its 22nd biggest position. Quintet Private Bank Europe S.A. owned about 0.07% of Otis Worldwide worth $27,816,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. grew its position in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after purchasing an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter worth $28,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OTIS shares. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective on the stock. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday. Finally, Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $102.00.

Otis Worldwide Stock Performance

Shares of NYSE OTIS remained flat at $99.44 during mid-day trading on Monday. The company had a trading volume of 1,612,952 shares, compared to its average volume of 2,114,293. The stock has a market cap of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. The stock's fifty day moving average price is $99.23 and its 200 day moving average price is $96.94. Otis Worldwide Co. has a 52-week low of $79.44 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business's quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. On average, equities research analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

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.