Rathbones Group PLC Trims Stake in Otis Worldwide Corporation $OTIS

Rathbones Group PLC lowered its position in Otis Worldwide Corporation (NYSE:OTIS) by 13.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 442,030 shares of the company’s stock after selling 65,960 shares during the quarter. Rathbones Group PLC owned about 0.11% of Otis Worldwide worth $40,415,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oakworth Capital Inc. grew its position in Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after buying an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. raised its holdings in shares of Otis Worldwide by 1.8% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after acquiring an additional 115 shares in the last quarter. OLD National Bancorp IN boosted its position in shares of Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after acquiring an additional 118 shares during the last quarter. PKS Advisory Services LLC boosted its position in shares of Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after acquiring an additional 121 shares during the last quarter. Finally, Physician Wealth Advisors Inc. grew its holdings in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $89.15 on Friday. The company has a market capitalization of $34.65 billion, a PE ratio of 25.47, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The company’s 50 day moving average price is $89.87 and its two-hundred day moving average price is $89.38.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the company earned $0.93 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is currently 48.00%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. BNP Paribas Exane upgraded shares of 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. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company decreased their price target 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. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $101.44.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

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.