JPMorgan Chase & Co. Has $687.66 Million Stake in Otis Worldwide Corporation $OTIS

JPMorgan Chase & Co. reduced its stake in Otis Worldwide Corporation (NYSE:OTIS) by 66.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 7,521,111 shares of the company’s stock after selling 14,593,475 shares during the quarter. JPMorgan Chase & Co.’s holdings in Otis Worldwide were worth $687,663,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new stake in Otis Worldwide in the third quarter worth $26,000. Chilton Capital Management LLC bought a new position in Otis Worldwide in the 2nd quarter valued at about $31,000. Nemes Rush Group LLC lifted its holdings in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the third quarter valued at about $31,000. Finally, Westside Investment Management Inc. boosted its stake in shares of Otis Worldwide by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 2.9%

Shares of Otis Worldwide stock opened at $92.46 on Wednesday. The company’s fifty day simple moving average is $88.92 and its two-hundred day simple moving average is $89.02. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83. The firm has a market cap of $35.94 billion, a PE ratio of 26.42, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the business posted $0.93 earnings per share. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company cut their price target 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. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. 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 report on Tuesday, December 9th. Finally, Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $101.44.

Insider Transactions at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide 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 $326,175.85. This trade represents a 61.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer owned 3,504 shares in the company, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last ninety days. 0.23% of the stock is owned by company insiders.

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.