Rathbones Group PLC Reduces Position in Otis Worldwide Corporation $OTIS

Rathbones Group PLC decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 13.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 442,030 shares of the company’s stock after selling 65,960 shares during the period. Rathbones Group PLC’s holdings in Otis Worldwide were worth $40,415,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction on 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 transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $89.15 on Friday. The firm has a market cap of $34.65 billion, a P/E ratio of 25.47, a P/E/G ratio of 2.69 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $106.83. The firm has a 50-day simple moving average of $89.87 and a two-hundred day simple moving average of $89.38.

Otis Worldwide (NYSE:OTIS) last issued its 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. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is 48.00%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company lowered their price target 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. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.