Oppenheimer & Co. Inc. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 21.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,794 shares of the company’s stock after selling 2,736 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Otis Worldwide were worth $625,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 2.2% in the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock worth $3,010,837,000 after acquiring an additional 829,784 shares during the period. Fiera Capital Corp lifted its stake in shares of Otis Worldwide by 3.6% in the second quarter. Fiera Capital Corp now owns 10,382,608 shares of the company’s stock worth $733,739,000 after acquiring an additional 357,384 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 9.5% in the second quarter. JPMorgan Chase & Co. now owns 6,283,071 shares of the company’s stock worth $444,028,000 after acquiring an additional 543,143 shares during the period. Boston Partners lifted its stake in shares of Otis Worldwide by 44.3% in the third quarter. Boston Partners now owns 6,150,062 shares of the company’s stock worth $393,646,000 after acquiring an additional 1,887,275 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Otis Worldwide by 54.3% in the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after acquiring an additional 1,484,963 shares during the period. 83.95% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, insider Fernandez Bernardo Calleja sold 837 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total transaction of $70,868.79. Following the completion of the sale, the insider now owns 19,998 shares in the company, valued at $1,693,230.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 837 shares of the business’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the transaction, the insider now owns 19,998 shares of the company’s stock, valued at $1,693,230.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 16,005 shares of the business’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $84.26, for a total value of $1,348,581.30. Following the completion of the transaction, the insider now directly owns 21,161 shares in the company, valued at approximately $1,783,025.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,074 shares of company stock worth $2,698,348. 0.11% of the stock is owned by corporate insiders.
Otis Worldwide Stock Up 0.7 %
Otis Worldwide (NYSE:OTIS – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. Otis Worldwide’s revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.43 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be issued a dividend of $0.29 per share. The ex-dividend date is Thursday, February 16th. This represents a $1.16 annualized dividend and a yield of 1.38%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.06%.
Analyst Upgrades and Downgrades
OTIS has been the topic of several recent analyst reports. Argus lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. Morgan Stanley boosted their price target on Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. Credit Suisse Group boosted their price target on Otis Worldwide from $73.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday, October 27th. Wells Fargo & Company boosted their price target on Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research note on Thursday, February 2nd. Finally, Barclays boosted their price target on Otis Worldwide from $80.00 to $81.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $81.00.
About Otis Worldwide
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.
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