Candriam S.C.A. Sells 269,963 Shares of Otis Worldwide Corporation $OTIS

Candriam S.C.A. decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 76.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 82,173 shares of the company’s stock after selling 269,963 shares during the period. Candriam S.C.A.’s holdings in Otis Worldwide were worth $7,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at $26,000. Chilton Capital Management LLC acquired a new stake in Otis Worldwide during the second quarter worth $31,000. Nemes Rush Group LLC increased 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 valued at $31,000 after buying an additional 135 shares during the period. Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $31,000. Finally, Oakworth Capital Inc. lifted its holdings in shares of 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. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.8%

NYSE OTIS opened at $90.03 on Wednesday. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The company has a 50 day moving average of $88.54 and a 200-day moving average of $88.87. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 2.69 and a beta of 1.01.

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

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

OTIS has been the topic of a number of analyst reports. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. BNP Paribas Exane upgraded 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. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $101.44.

Insider Activity

In related news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated 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 of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the company’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 owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 110,069 shares of company stock worth $9,914,801. 0.23% of the stock is owned by corporate 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.