US Bancorp DE Reduces Holdings in Otis Worldwide Corporation $OTIS

US Bancorp DE reduced its stake in Otis Worldwide Corporation (NYSE:OTIS) by 15.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 152,862 shares of the company’s stock after selling 27,133 shares during the quarter. US Bancorp DE’s holdings in Otis Worldwide were worth $13,976,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Root Financial Partners LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at approximately $26,000. Nemes Rush Group LLC grew its holdings in shares of Otis Worldwide by 75.4% during the second 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 last quarter. Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $31,000. Oakworth Capital Inc. increased its position in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. raised its stake in Otis Worldwide by 57.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $92.33 on Friday. The stock has a market capitalization of $35.89 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 2.79 and a beta of 1.01. The firm’s 50 day simple moving average is $89.49 and its 200-day simple moving average is $89.27. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

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, hitting 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 the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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 given a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OTIS shares. 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. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Finally, Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $101.44.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This represents a 62.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

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.