Ballentine Partners LLC Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Apr 12th, 2023

Ballentine Partners LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS – Get Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,604 shares of the company’s stock, valued at approximately $204,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company’s stock worth $2,532,517,000 after buying an additional 123,746 shares in the last quarter. Boston Partners raised its position in shares of Otis Worldwide by 44.3% during the 3rd quarter. Boston Partners now owns 6,150,062 shares of the company’s stock worth $393,646,000 after buying an additional 1,887,275 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after buying an additional 1,484,963 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Otis Worldwide by 33.8% during the 1st quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after buying an additional 984,793 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Otis Worldwide by 8.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,737,193 shares of the company’s stock worth $264,107,000 after buying an additional 283,458 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $79.77 on Wednesday. The firm’s 50 day simple moving average is $82.99 and its 200-day simple moving average is $77.85. The company has a market cap of $33.09 billion, a P/E ratio of 26.86 and a beta of 0.92. Otis Worldwide Co. has a fifty-two week low of $62.49 and a fifty-two week high of $87.33.

Otis Worldwide (NYSE:OTIS – Get Rating) last released its earnings results on Wednesday, February 1st. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.40 billion. Otis Worldwide had a net margin of 9.16% and a negative return on equity of 27.69%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. On average, analysts expect that Otis Worldwide Co. will post 3.43 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, February 16th. Otis Worldwide’s payout ratio is presently 39.06%.

Analyst Upgrades and Downgrades

A number of research firms have commented on OTIS. TheStreet upgraded shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Cowen boosted their target price on shares of Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Morgan Stanley boosted their target price on shares of Otis Worldwide from $84.00 to $89.00 and gave the stock an “equal weight” rating in a report on Thursday, February 2nd. Barclays dropped their target price on shares of Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating on the stock in a report on Thursday, April 6th. Finally, Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $76.00 to $82.00 and gave the stock an “underweight” rating in a report on Thursday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $80.80.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,018 shares of the business’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $84.46, for a total transaction of $254,900.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Fernandez Bernardo Calleja sold 703 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $86.85, for a total transaction of $61,055.55. Following the transaction, the insider now directly owns 22,215 shares of the company’s stock, valued at $1,929,372.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 3,018 shares of the business’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $84.46, for a total transaction of $254,900.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,777 shares of company stock valued at $2,759,404. Corporate insiders own 0.11% of the company’s stock.

Otis Worldwide Company Profile

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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.