Otis Worldwide Corporation $OTIS Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,912,155 shares of the company’s stock after selling 12,845 shares during the period. Otis Worldwide makes up approximately 2.8% of Guinness Asset Management LTD’s holdings, making the stock its 20th largest holding. Guinness Asset Management LTD owned approximately 0.49% of Otis Worldwide worth $174,561,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Otis Worldwide during the second quarter worth $721,614,000. Marshall Wace LLP increased its holdings in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Qube Research & Technologies Ltd acquired a new position in Otis Worldwide in the second quarter valued at approximately $114,319,000. Finally, Canoe Financial LP grew its stake in Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after buying an additional 940,862 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. The sale was disclosed in a filing 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 stock was 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 in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 108,887 shares of company stock valued at $9,808,350 over the last three months. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered shares of 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. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Up 0.9%

OTIS stock opened at $91.20 on Friday. The firm has a market capitalization of $35.54 billion, a PE ratio of 26.06, a P/E/G ratio of 2.72 and a beta of 1.01. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The firm has a 50-day moving average of $88.44 and a two-hundred day moving average of $89.02.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting the consensus estimate of $1.03. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. On average, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current 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 issued a $0.42 dividend. 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 is currently 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.