Xponance Inc. Sells 9,693 Shares of Otis Worldwide Corporation $OTIS

Xponance Inc. decreased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 14.3% during the third quarter, HoldingsChannel.com reports. The firm owned 58,232 shares of the company’s stock after selling 9,693 shares during the period. Xponance Inc.’s holdings in Otis Worldwide were worth $5,324,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Allied Investment Advisors LLC boosted its holdings in Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after purchasing an additional 6,770 shares during the period. Pinnacle Financial Partners Inc. increased its holdings in shares of Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares during the period. Atlantic Union Bankshares Corp raised its position in shares of Otis Worldwide by 48.2% in the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after buying an additional 18,881 shares in the last quarter. Carnegie Investment Counsel raised its position in shares of Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after buying an additional 38,931 shares in the last quarter. Finally, Natixis boosted its stake in Otis Worldwide by 226.4% during the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after buying an additional 58,286 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.0%

Shares of Otis Worldwide stock opened at $92.33 on Friday. The firm has a market capitalization of $35.89 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.79 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The business’s 50-day moving average price is $89.49 and its 200-day moving average price is $89.27.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm earned $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, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Analyst Ratings Changes

OTIS has been the topic of a number of research analyst reports. Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Three 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 in the last 90 days. 0.23% of the stock is owned by company insiders.

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.