Otis Worldwide Corporation $OTIS Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC decreased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 7.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 743,709 shares of the company’s stock after selling 55,896 shares during the period. HighTower Advisors LLC’s holdings in Otis Worldwide were worth $67,998,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its position in Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after acquiring an additional 304 shares during the last quarter. Empowered Funds LLC increased its position in shares of Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after purchasing an additional 1,574 shares during the last quarter. MGO One Seven LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at about $285,000. Finally, Mutual Advisors LLC boosted its position in shares of Otis Worldwide by 28.8% in the 2nd quarter. Mutual Advisors LLC now owns 6,444 shares of the company’s stock valued at $638,000 after purchasing an additional 1,442 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS opened at $89.65 on Tuesday. The firm’s fifty day moving average price is $88.82 and its 200 day moving average price is $88.97. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The firm has a market cap of $34.85 billion, a price-to-earnings ratio of 25.61, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report 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 for the company in a research note on Tuesday, December 9th. Finally, JPMorgan Chase & Co. lowered 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. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $101.44.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction that occurred on 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 sale, 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 sold a total of 158,013 shares of company stock worth $14,337,635 over the last quarter. 0.23% of the stock is owned by company 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.