Vanguard Group Inc. Increases Position in Otis Worldwide Corporation $OTIS

Vanguard Group Inc. increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 0.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,626,798 shares of the company’s stock after purchasing an additional 39,645 shares during the period. Vanguard Group Inc. owned 12.48% of Otis Worldwide worth $4,445,948,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of OTIS. Alliancebernstein L.P. lifted its stake in Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after buying an additional 603,860 shares during the last quarter. Geode Capital Management LLC boosted its stake in Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares during the period. Norges Bank purchased a new position in Otis Worldwide during the 2nd quarter worth $721,614,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 2.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock valued at $648,423,000 after buying an additional 181,739 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Otis Worldwide by 11.9% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,632,335 shares of the company’s stock valued at $458,694,000 after acquiring an additional 494,259 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $92.46 on Wednesday. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The company has a market capitalization of $35.94 billion, a PE ratio of 26.42, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01. The stock has a fifty day moving average of $88.92 and a 200-day moving average of $89.02.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company earned $0.93 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the transaction, the insider directly owned 29,176 shares of the company’s stock, valued at $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by insiders.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.