J. Safra Sarasin Holding AG Lowers Stock Position in Otis Worldwide Corporation $OTIS

J. Safra Sarasin Holding AG cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 361,173 shares of the company’s stock after selling 6,856 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Otis Worldwide were worth $31,548,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $26,000. Stance Capital LLC bought a new position in shares of Otis Worldwide in the third quarter worth approximately $27,000. Rakuten Investment Management Inc. purchased a new stake in shares of Otis Worldwide in the third quarter worth $31,000. Oakworth Capital Inc. increased its stake in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. raised its position in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 completion of the sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 over the last three months. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $76.32 on Tuesday. The firm has a market cap of $29.67 billion, a price-to-earnings ratio of 21.80, a P/E/G ratio of 2.28 and a beta of 1.00. The firm has a fifty day moving average price of $87.24 and a 200 day moving average price of $88.69. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $105.95.

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 analysts’ consensus estimates of $1.03. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 EPS. As a group, research 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 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%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OTIS. Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday. Finally, Wells Fargo & Company cut their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Three research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.