K.J. Harrison & Partners Inc Has $1.34 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

K.J. Harrison & Partners Inc boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 50.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,000 shares of the company’s stock after acquiring an additional 5,000 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Otis Worldwide were worth $1,342,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of OTIS. Cetera Trust Company N.A bought a new stake in Otis Worldwide in the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at $28,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the third quarter valued at about $30,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth about $33,000. Finally, CNB Bank grew its stake in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after buying an additional 192 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.82 on Friday, reaching $92.20. 2,314,121 shares of the stock were exchanged, compared to its average volume of 1,745,609. The firm has a market cap of $37.27 billion, a PE ratio of 26.64 and a beta of 1.01. The firm’s 50 day moving average is $96.44 and its 200-day moving average is $89.35. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities research analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is 39.31%.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred 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 transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday. Barclays upped their price target 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.86.

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.