Otis Worldwide Corporation $OTIS Stake Lowered by TD Asset Management Inc

TD Asset Management Inc cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,672 shares of the company’s stock after selling 10,958 shares during the period. TD Asset Management Inc’s holdings in Otis Worldwide were worth $17,159,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Oakworth Capital Inc. boosted its position in Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the period. Cookson Peirce & Co. Inc. grew its position in Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the last quarter. OLD National Bancorp IN grew its holdings in shares of Otis Worldwide by 5.5% in the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after acquiring an additional 118 shares during the last quarter. PKS Advisory Services LLC increased its stake in Otis Worldwide by 4.9% in the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after purchasing an additional 121 shares in the last quarter. Finally, Physician Wealth Advisors Inc. raised its holdings in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction that occurred on 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 owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. 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. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Up 1.0%

OTIS stock opened at $92.33 on Monday. The business’s 50 day moving average is $89.49 and its 200-day moving average is $89.27. 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 $35.89 billion, a P/E ratio of 26.38, a P/E/G ratio of 2.79 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company earned $0.93 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s payout ratio is presently 48.00%.

Analyst Ratings Changes

Several research firms recently weighed in on OTIS. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. 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 research report on Monday, December 15th. Finally, New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Three 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide 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.