Vanguard Group Inc. Has $4.45 Billion Stake in Otis Worldwide Corporation $OTIS

Vanguard Group Inc. grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 0.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 48,626,798 shares of the company’s stock after buying an additional 39,645 shares during the quarter. Vanguard Group Inc. owned approximately 0.12% of Otis Worldwide worth $4,445,948,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its holdings in Otis Worldwide by 5.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 135,939 shares of the company’s stock worth $12,429,000 after purchasing an additional 7,078 shares during the last quarter. BTC Capital Management Inc. boosted its holdings in shares of Otis Worldwide by 19.8% during the 3rd quarter. BTC Capital Management Inc. now owns 69,682 shares of the company’s stock worth $6,371,000 after buying an additional 11,524 shares during the period. Cookson Peirce & Co. Inc. grew its stake in Otis Worldwide by 1.8% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after buying an additional 115 shares during the last quarter. IMA Advisory Services Inc. raised its holdings in Otis Worldwide by 10.9% in the 3rd quarter. IMA Advisory Services Inc. now owns 9,503 shares of the company’s stock worth $869,000 after acquiring an additional 933 shares during the period. Finally, Lafayette Investments Inc. lifted its position in Otis Worldwide by 27.7% during the 3rd quarter. Lafayette Investments Inc. now owns 16,974 shares of the company’s stock worth $1,552,000 after acquiring an additional 3,684 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research analyst reports. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. BNP Paribas Exane raised 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. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Price Performance

OTIS opened at $92.46 on Wednesday. The firm’s fifty day moving average price is $88.92 and its two-hundred day moving average price is $89.02. The company has a market capitalization of $35.94 billion, a P/E ratio of 26.42, a P/E/G ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during 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%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.93 earnings per share. On average, equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is 48.00%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction 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 trade represents a 62.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by insiders.

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.