Korea Investment CORP Sells 101,175 Shares of Otis Worldwide Corporation $OTIS

Korea Investment CORP lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 28.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 252,740 shares of the company’s stock after selling 101,175 shares during the quarter. Korea Investment CORP’s holdings in Otis Worldwide were worth $23,108,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in Otis Worldwide in the third quarter worth $26,000. Nemes Rush Group LLC increased its holdings in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Otis Worldwide in the 3rd quarter worth about $31,000. Westside Investment Management Inc. boosted its stake in Otis Worldwide by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after purchasing an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. boosted its stake in Otis Worldwide by 57.7% in the 3rd 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. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three equities 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, the company presently has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $86.11 on Wednesday. The business has a 50-day simple moving average of $89.82 and a two-hundred day simple moving average of $89.37. The firm has a market cap of $33.47 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 2.64 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting 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 firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide 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.