Legal & General Group Plc Buys 97,884 Shares of Otis Worldwide Corporation $OTIS

Legal & General Group Plc raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,903,219 shares of the company’s stock after purchasing an additional 97,884 shares during the quarter. Legal & General Group Plc’s holdings in Otis Worldwide were worth $265,441,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $26,000. Nemes Rush Group LLC raised its holdings in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide during the 3rd quarter worth $31,000. Westside Investment Management Inc. boosted its holdings in Otis Worldwide by 100.0% during the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after acquiring an additional 168 shares during the period. Finally, Physician Wealth Advisors Inc. grew its position in shares of Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday, January 30th. Finally, BNP Paribas Exane upgraded 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 note on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $101.44.

Insider Transactions at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the transaction, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $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. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last ninety days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Down 1.7%

Shares of OTIS opened at $84.66 on Thursday. The stock’s 50-day moving average price is $89.76 and its 200 day moving average price is $89.34. The firm has a market capitalization of $32.91 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of 2.59 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $83.42 and a 12-month high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced 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. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

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.