Chevy Chase Trust Holdings LLC Trims Stock Holdings in Otis Worldwide Corporation $OTIS

Chevy Chase Trust Holdings LLC lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 201,584 shares of the company’s stock after selling 8,285 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Otis Worldwide were worth $18,431,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Otis Worldwide by 4.3% during the 2nd 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 last quarter. Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after buying an additional 603,860 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Otis Worldwide by 4.5% during the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after buying an additional 322,255 shares during the period. Norges Bank purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $721,614,000. Finally, Massachusetts Financial Services Co. MA boosted its position in Otis Worldwide by 2.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after acquiring an additional 181,739 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.5%

NYSE:OTIS opened at $83.60 on Tuesday. The company has a market cap of $32.50 billion, a P/E ratio of 23.89, a P/E/G ratio of 2.50 and a beta of 1.00. The firm’s 50 day moving average is $89.46 and its two-hundred day moving average is $89.27. Otis Worldwide Corporation has a fifty-two week low of $82.47 and a fifty-two week high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during 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 business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.93 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was 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 in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on OTIS shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Finally, Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday. 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 company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $101.44.

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.