Otis Worldwide Corporation $OTIS Shares Sold by Swiss National Bank

Swiss National Bank decreased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,137,743 shares of the company’s stock after selling 59,900 shares during the period. Swiss National Bank owned approximately 0.29% of Otis Worldwide worth $104,024,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Allied Investment Advisors LLC grew its holdings in Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after buying an additional 6,770 shares during the period. Pinnacle Financial Partners Inc. lifted its holdings in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares during the period. Natixis boosted its position in shares of Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after acquiring an additional 58,286 shares during the last quarter. Carnegie Investment Counsel boosted its position in shares of Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after acquiring an additional 38,931 shares during the last quarter. Finally, Canoe Financial LP grew its holdings in Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after purchasing an additional 940,862 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.7%

Otis Worldwide stock opened at $86.11 on Wednesday. The firm has a fifty day moving average of $89.82 and a 200-day moving average of $89.37. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $105.95. The firm has a market capitalization of $33.47 billion, a P/E ratio of 24.60, a PEG ratio of 2.64 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share 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 business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business posted $0.93 EPS. The business’s quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors 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 2.0%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OTIS shares. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 target price on Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company reduced their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Finally, BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.