Natixis Advisors L.P. Raises Stake in Otis Worldwide Co. (NYSE:OTIS)

Natixis Advisors L.P. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 154,629 shares of the company’s stock after buying an additional 12,083 shares during the quarter. Natixis Advisors L.P.’s holdings in Otis Worldwide were worth $13,833,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide during the third quarter valued at approximately $30,000. NBC Securities Inc. purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $33,000. Finally, CNB Bank grew its stake in shares of Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on OTIS shares. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Barclays lifted their price target on 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 price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Performance

Shares of OTIS opened at $93.89 on Wednesday. The stock has a 50 day moving average price of $96.43 and a 200 day moving average price of $90.00. The stock has a market capitalization of $37.96 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio is 39.31%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the SEC, which can be accessed 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.