Otis Worldwide Corporation $OTIS Shares Sold by iSAM Funds UK Ltd

iSAM Funds UK Ltd reduced its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 36.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 16,212 shares of the company’s stock after selling 9,374 shares during the period. iSAM Funds UK Ltd’s holdings in Otis Worldwide were worth $1,482,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Allied Investment Advisors LLC increased its position in Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after acquiring an additional 6,770 shares during the period. Pinnacle Financial Partners Inc. lifted its position in Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares during the period. Natixis grew its stake in shares of Otis Worldwide by 226.4% in the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares during the last quarter. Carnegie Investment Counsel grew its stake in shares of Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after purchasing an additional 38,931 shares during the last quarter. Finally, Canoe Financial LP increased its holdings in shares of Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after purchasing an additional 940,862 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the 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 completion of the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the sale, the insider owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. 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 note on Friday, January 30th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Wells Fargo & Company lowered 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 report on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $83.17 on Friday. Otis Worldwide Corporation has a 1 year low of $82.47 and a 1 year high of $105.95. The stock has a fifty day moving average price of $89.57 and a two-hundred day moving average price of $89.26. The stock has a market capitalization of $32.33 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.49 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the firm earned $0.93 EPS. The business’s revenue was up 3.3% on a year-over-year basis. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s payout ratio is currently 48.00%.

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.