Bank Julius Baer & Co. Ltd Zurich Trims Position in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Oct 9th, 2023

Bank Julius Baer & Co. Ltd Zurich cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 77.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,431 shares of the company’s stock after selling 94,017 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Otis Worldwide were worth $2,442,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of OTIS. Fiduciary Alliance LLC acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its stake in shares of Otis Worldwide by 95.5% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock worth $33,000 after purchasing an additional 190 shares during the period. Resurgent Financial Advisors LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Exchange Traded Concepts LLC grew its stake in shares of Otis Worldwide by 108.5% during the 2nd quarter. Exchange Traded Concepts LLC now owns 394 shares of the company’s stock worth $35,000 after purchasing an additional 205 shares during the period. Finally, Disciplined Investments LLC grew its stake in shares of Otis Worldwide by 392.2% during the 1st quarter. Disciplined Investments LLC now owns 507 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares during the period. 85.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on OTIS shares. HSBC raised their price objective on shares of Otis Worldwide from $81.00 to $88.00 in a research note on Friday, June 23rd. TheStreet raised shares of Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $88.00 to $90.00 in a research note on Monday, July 10th. Barclays dropped their price target on shares of Otis Worldwide from $80.00 to $76.00 in a research note on Thursday, September 7th. Finally, Royal Bank of Canada lifted their price target on shares of Otis Worldwide from $96.00 to $100.00 in a research note on Friday, July 28th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $87.75.

View Our Latest Report on Otis Worldwide

Insiders Place Their Bets

In other news, insider Fernandez Bernardo Calleja sold 3,992 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.70, for a total transaction of $362,074.40. Following the transaction, the insider now owns 42,097 shares in the company, valued at approximately $3,818,197.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Michael Patrick Ryan sold 6,372 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.50, for a total transaction of $576,666.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Fernandez Bernardo Calleja sold 3,992 shares of Otis Worldwide stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the transaction, the insider now owns 42,097 shares in the company, valued at approximately $3,818,197.90. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 0.5 %

Shares of OTIS opened at $79.54 on Monday. Otis Worldwide Co. has a 52-week low of $62.49 and a 52-week high of $91.33. The firm’s fifty day moving average is $83.93 and its two-hundred day moving average is $84.55. The stock has a market cap of $32.75 billion, a PE ratio of 25.09 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its earnings results on Wednesday, July 26th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. The company had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company posted $0.86 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.47 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.36 annualized dividend and a yield of 1.71%. Otis Worldwide’s dividend payout ratio (DPR) is presently 42.90%.

Otis Worldwide Company Profile

(Free Report)

Otis Worldwide Corporation engages in the 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.