Scharf Investments LLC Grows Holdings in Otis Worldwide Corporation $OTIS

Scharf Investments LLC grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 43.0% in the fourth quarter, HoldingsChannel reports. The fund owned 1,145,040 shares of the company’s stock after acquiring an additional 344,439 shares during the quarter. Otis Worldwide accounts for about 2.7% of Scharf Investments LLC’s portfolio, making the stock its 17th largest position. Scharf Investments LLC’s holdings in Otis Worldwide were worth $100,020,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $26,000. Stance Capital LLC purchased a new position in Otis Worldwide during the third quarter worth approximately $27,000. Rakuten Investment Management Inc. acquired a new stake in Otis Worldwide in the third quarter valued at approximately $31,000. Westside Investment Management Inc. grew its holdings in Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares during the period. Finally, Physician Wealth Advisors Inc. increased its position in shares of Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 in the last three months. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of recent analyst reports. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday. Finally, JPMorgan Chase & Co. lowered 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. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Stock Up 0.9%

Otis Worldwide stock opened at $77.04 on Wednesday. The company has a fifty day simple moving average of $87.02 and a 200-day simple moving average of $88.60. The firm has a market capitalization of $29.95 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 2.31 and a beta of 1.00. Otis Worldwide Corporation has a 52-week low of $75.27 and a 52-week high of $105.95.

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

Otis Worldwide Dividend Announcement

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

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.