J. Safra Sarasin Holding AG Sells 6,856 Shares of Otis Worldwide Corporation $OTIS

J. Safra Sarasin Holding AG trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 361,173 shares of the company’s stock after selling 6,856 shares during the period. J. Safra Sarasin Holding AG owned approximately 0.09% of Otis Worldwide worth $31,548,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of OTIS. Marshall Wace LLP boosted its position in shares of Otis Worldwide by 5,291.5% during the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after buying an additional 2,791,765 shares during the last quarter. Van ECK Associates Corp raised its position in Otis Worldwide by 3,464.3% in the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after buying an additional 1,966,019 shares during the last quarter. AQR Capital Management LLC raised its position in Otis Worldwide by 125.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after buying an additional 1,445,904 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock valued at $185,612,000 after acquiring an additional 1,352,530 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in Otis Worldwide during the 2nd quarter valued at about $114,319,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5%

Otis Worldwide stock opened at $76.32 on Tuesday. Otis Worldwide Corporation has a 52-week low of $75.27 and a 52-week high of $105.95. The company has a market cap of $29.67 billion, a P/E ratio of 21.80, a P/E/G ratio of 2.28 and a beta of 1.00. The business has a 50-day simple moving average of $87.24 and a two-hundred day simple moving average of $88.69.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. downgraded shares of 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. Wells Fargo & Company cut their target price on shares of 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $101.44.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 158,013 shares of company stock worth $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.