Otis Worldwide Corporation $OTIS Stake Increased by Legal & General Group Plc

Legal & General Group Plc lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,903,219 shares of the company’s stock after buying an additional 97,884 shares during the period. Legal & General Group Plc owned about 0.74% of Otis Worldwide worth $265,441,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of OTIS. Clarkston Capital Partners LLC lifted its stake in Otis Worldwide by 65.7% in the 3rd quarter. Clarkston Capital Partners LLC now owns 157,698 shares of the company’s stock worth $14,418,000 after acquiring an additional 62,501 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $2,533,000. Russell Investments Group Ltd. lifted its position in shares of Otis Worldwide by 6.4% in the third quarter. Russell Investments Group Ltd. now owns 1,673,366 shares of the company’s stock worth $152,974,000 after purchasing an additional 100,029 shares in the last quarter. Inceptionr LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth approximately $1,651,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth approximately $202,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated 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 in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the business’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 completion of the sale, 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 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. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.7%

NYSE OTIS opened at $84.66 on Thursday. The stock has a market capitalization of $32.91 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 2.59 and a beta of 1.00. The company has a 50 day moving average price of $89.76 and a two-hundred day moving average price of $89.34. Otis Worldwide Corporation has a 12-month low of $83.42 and a 12-month 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 the consensus estimate of $1.03. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates 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 business posted $0.93 EPS. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm 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 dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Analyst Ratings Changes

Several research analysts have weighed in on OTIS shares. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Wells Fargo & Company cut their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

About Otis Worldwide

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.