Principal Financial Group Inc. Sells 6,773 Shares of Otis Worldwide Corporation $OTIS

Principal Financial Group Inc. lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 431,873 shares of the company’s stock after selling 6,773 shares during the period. Principal Financial Group Inc. owned 0.11% of Otis Worldwide worth $39,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp boosted its stake in shares of Otis Worldwide by 48.2% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after purchasing an additional 18,881 shares in the last quarter. Pinnacle Financial Partners Inc boosted its position in Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after buying an additional 12,721 shares during the period. Natixis boosted its position in Otis Worldwide by 226.4% during the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after buying an additional 58,286 shares during the period. Carnegie Investment Counsel grew its stake in shares of Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares during the last quarter. Finally, Canoe Financial LP increased its holdings in shares of Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after buying an additional 940,862 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Neil Green sold 6,000 shares of the firm’s 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 transaction, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 108,887 shares of company stock valued at $9,808,350. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wells Fargo & Company decreased their target price on shares of 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. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Up 0.9%

Shares of NYSE OTIS opened at $91.20 on Friday. The firm has a fifty day simple moving average of $88.44 and a two-hundred day simple moving average of $89.02. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The firm has a market capitalization of $35.54 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 2.72 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.