Richard Bernstein Advisors LLC Sells 21,656 Shares of Otis Worldwide Corporation $OTIS

Richard Bernstein Advisors LLC cut its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 61.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,699 shares of the company’s stock after selling 21,656 shares during the period. Richard Bernstein Advisors LLC’s holdings in Otis Worldwide were worth $1,252,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Jones Financial Companies Lllp boosted its stake in Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after buying an additional 304 shares during the period. Empowered Funds LLC lifted its holdings in shares of Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after acquiring an additional 857 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Otis Worldwide by 63.7% in the 1st 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. Savant Capital LLC boosted its stake in shares of Otis Worldwide by 13.7% during the 2nd quarter. Savant Capital LLC now owns 26,376 shares of the company’s stock worth $2,612,000 after purchasing an additional 3,171 shares during the period. Finally, Wedbush Securities Inc. grew its holdings in Otis Worldwide by 4.3% during the 2nd quarter. Wedbush Securities Inc. now owns 7,456 shares of the company’s stock valued at $738,000 after purchasing an additional 310 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. downgraded 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. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. 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 stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $101.44.

Otis Worldwide Price Performance

NYSE OTIS opened at $86.11 on Wednesday. The stock’s 50 day simple moving average is $89.82 and its 200-day simple moving average is $89.37. The company has a market cap of $33.47 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 2.64 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $105.95.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors 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 2.0%. Otis Worldwide’s payout ratio is 48.00%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the sale, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’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 completion of the sale, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This represents a 19.54% 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 worth $14,337,635 over the last ninety days. 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.