Otis Worldwide Co. (NYSE:OTIS) Shares Sold by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 331,062 shares of the company's stock after selling 39,156 shares during the period. J. Safra Sarasin Holding AG owned 0.08% of Otis Worldwide worth $30,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Resonant Capital Advisors LLC raised its stake in shares of Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after acquiring an additional 105 shares during the last quarter. Montis Financial LLC boosted 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 worth $205,000 after purchasing an additional 110 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in shares of Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares during the period. Mesirow Financial Investment Management Inc. grew its holdings in shares of Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after buying an additional 117 shares during the period. Finally, PFG Investments LLC increased its holdings in shares of Otis Worldwide by 4.1% in the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company's stock worth $309,000 after acquiring an additional 131 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $100.63.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

NYSE OTIS traded up $0.22 during trading hours on Friday, reaching $92.96. 4,901,071 shares of the company's stock traded hands, compared to its average volume of 2,222,654. The firm has a market cap of $36.86 billion, a PE ratio of 22.90 and a beta of 1.00. The firm has a 50-day simple moving average of $99.15 and a 200 day simple moving average of $98.36. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.81%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is presently 44.09%.

Otis Worldwide announced that its board has initiated a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

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.