Otis Worldwide Corporation $OTIS Shares Sold by Rathbones Group PLC

Rathbones Group PLC cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 391,191 shares of the company’s stock after selling 50,839 shares during the quarter. Rathbones Group PLC owned 0.10% of Otis Worldwide worth $34,171,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $27,000. Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $31,000. Westside Investment Management Inc. lifted 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 worth $31,000 after acquiring an additional 168 shares during the last quarter. Finally, Physician Wealth Advisors Inc. lifted its holdings in Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.2%

NYSE:OTIS opened at $78.00 on Monday. The business’s 50-day moving average price is $86.28 and its 200 day moving average price is $88.36. The firm has a market cap of $30.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.34 and a beta of 1.05. 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 data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. Sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders 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 annualized dividend and a yield of 2.2%. Otis Worldwide’s payout ratio is 48.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Finally, Barclays reduced their price target on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating for the company in a report on Wednesday, April 1st. 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 stock has a consensus rating of “Hold” and an average target price of $98.78.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was 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 of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the firm’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 sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 over the last three months. Corporate insiders own 0.23% of the company’s stock.

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.