Commerce Bank Has $9.58 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Commerce Bank reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,451 shares of the company’s stock after selling 3,676 shares during the period. Commerce Bank’s holdings in Otis Worldwide were worth $9,575,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. Norges Bank bought a new stake in Otis Worldwide in the 4th quarter worth about $628,855,000. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 17.4% in the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after buying an additional 494,460 shares during the last quarter. Sarasin & Partners LLP increased its stake in Otis Worldwide by 11.2% in the 1st quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after buying an additional 328,539 shares during the last quarter. Finally, Putnam Investments LLC increased its stake in Otis Worldwide by 20.1% in the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock valued at $215,564,000 after buying an additional 403,215 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.2 %

OTIS traded up $0.16 on Wednesday, hitting $96.47. The company’s stock had a trading volume of 895,457 shares, compared to its average volume of 2,043,543. The company’s 50 day simple moving average is $96.55 and its 200-day simple moving average is $94.31. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The firm has a market cap of $39.01 billion, a P/E ratio of 27.90 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.62%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Wall Street Analysts Forecast Growth

Several research firms have commented on OTIS. Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Wells Fargo & Company increased their target price on shares of Otis Worldwide from $98.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $99.67.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

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.