Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 145,564 shares of the company's stock after buying an additional 2,840 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Otis Worldwide were worth $13,481,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter worth about $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares in the last quarter. Truvestments Capital LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $36,000. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $34,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.0 %

OTIS stock traded up $0.95 during mid-day trading on Friday, hitting $100.56. 767,879 shares of the company were exchanged, compared to its average volume of 1,997,314. The business has a fifty day simple moving average of $96.57 and a 200-day simple moving average of $97.99. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm has a market capitalization of $39.87 billion, a P/E ratio of 24.77 and a beta of 1.05.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company's stock, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last ninety days. Company insiders own 0.23% of the company's stock.

Analyst Ratings Changes

OTIS has been the topic of several recent analyst reports. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, Barclays lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $102.88.

About Otis Worldwide

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.