Otis Worldwide Corporation $OTIS Shares Sold by Fayez Sarofim & Co

Fayez Sarofim & Co decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 0.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,103,118 shares of the company’s stock after selling 9,453 shares during the period. Fayez Sarofim & Co’s holdings in Otis Worldwide were worth $100,858,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its stake in shares of Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the last quarter. Empowered Funds LLC raised its position in shares of Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after buying an additional 857 shares during the last quarter. Acadian Asset Management LLC boosted its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after acquiring an additional 1,574 shares during the last quarter. AE Wealth Management LLC boosted its position in Otis Worldwide by 12.7% during the second quarter. AE Wealth Management LLC now owns 3,845 shares of the company’s stock worth $381,000 after acquiring an additional 433 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Otis Worldwide by 6.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 96,797 shares of the company’s stock worth $9,585,000 after acquiring an additional 6,118 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $83.17 on Monday. The business’s 50-day simple moving average is $89.57 and its 200 day simple moving average is $89.29. The company has a market cap of $32.33 billion, a P/E ratio of 23.76, a PEG ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a one year low of $82.47 and a one year high of $105.95.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during 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% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. Analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. The trade was a 19.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction dated 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 directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 in the last 90 days. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent analyst reports. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research note on Friday, January 30th. Three investment 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. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price 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.