Fayez Sarofim & Co Lowers Holdings in Otis Worldwide Corporation $OTIS

Fayez Sarofim & Co reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 0.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,103,118 shares of the company’s stock after selling 9,453 shares during the quarter. Fayez Sarofim & Co owned about 0.28% of Otis Worldwide worth $100,858,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of OTIS. Focus Partners Wealth boosted its holdings in shares of Otis Worldwide by 52.9% in the third quarter. Focus Partners Wealth now owns 58,219 shares of the company’s stock valued at $5,323,000 after acquiring an additional 20,135 shares in the last quarter. Delta Global Management LP raised its holdings in Otis Worldwide by 8.5% during the third quarter. Delta Global Management LP now owns 28,039 shares of the company’s stock worth $2,564,000 after purchasing an additional 2,207 shares in the last quarter. EFG Asset Management Americas Corp. raised its holdings in Otis Worldwide by 0.4% during the third quarter. EFG Asset Management Americas Corp. now owns 49,029 shares of the company’s stock worth $4,483,000 after purchasing an additional 192 shares in the last quarter. Bollard Group LLC lifted its position in Otis Worldwide by 5.2% in the third quarter. Bollard Group LLC now owns 12,254 shares of the company’s stock valued at $1,120,000 after purchasing an additional 611 shares during the period. Finally, Brevan Howard Capital Management LP lifted its position in Otis Worldwide by 60.0% in the third quarter. Brevan Howard Capital Management LP now owns 20,797 shares of the company’s stock valued at $1,901,000 after purchasing an additional 7,799 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.6%

NYSE:OTIS opened at $83.17 on Monday. Otis Worldwide Corporation has a 52-week low of $82.47 and a 52-week high of $105.95. The stock has a fifty day simple moving average of $89.57 and a 200-day simple moving average of $89.29. The company has a market capitalization of $32.33 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.50 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates 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 analysts’ expectations of $3.88 billion. During the same period in the prior year, the company earned $0.93 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders 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 dividend yield of 2.0%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares of the company’s stock, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred 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 transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut 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. Wells Fargo & Company reduced their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Three equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Company 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.