Scharf Investments LLC Increases Stock Holdings in Otis Worldwide Corporation $OTIS

Scharf Investments LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 43.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,145,040 shares of the company’s stock after buying an additional 344,439 shares during the period. Otis Worldwide makes up 2.7% of Scharf Investments LLC’s holdings, making the stock its 17th largest position. Scharf Investments LLC owned approximately 0.29% of Otis Worldwide worth $100,020,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in OTIS. Marshall Wace LLP raised its position in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Van ECK Associates Corp grew its position in Otis Worldwide by 3,464.3% during the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after purchasing an additional 1,966,019 shares during the last quarter. AQR Capital Management LLC grew its position in Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. Squarepoint Ops LLC increased 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 purchasing an additional 1,352,530 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Otis Worldwide during the 2nd quarter valued at approximately $114,319,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $77.04 on Wednesday. The firm’s fifty day simple moving average is $87.02 and its 200-day simple moving average is $88.60. The company has a market capitalization of $29.95 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00. Otis Worldwide Corporation has a 12 month low of $75.27 and a 12 month high of $105.95.

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. The firm had revenue of $3.80 billion during 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 firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 earnings per share. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s 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 sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. This trade 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 worth $14,337,635. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday. Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company dropped their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.