Sarasin & Partners LLP Has $221.40 Million Stake in Otis Worldwide Corporation $OTIS

Sarasin & Partners LLP lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 29.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,534,579 shares of the company’s stock after selling 1,076,225 shares during the period. Otis Worldwide accounts for approximately 2.3% of Sarasin & Partners LLP’s investment portfolio, making the stock its 16th biggest holding. Sarasin & Partners LLP owned approximately 0.65% of Otis Worldwide worth $221,395,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in OTIS. Oakworth Capital Inc. boosted its stake in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the period. Cookson Peirce & Co. Inc. increased its position in Otis Worldwide by 1.8% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the period. OLD National Bancorp IN increased its position in Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after buying an additional 118 shares during the period. Physician Wealth Advisors Inc. increased its position in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after buying an additional 124 shares during the period. Finally, Cary Street Partners Financial LLC lifted its holdings in shares of Otis Worldwide by 2.6% during the third quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company’s stock worth $472,000 after buying an additional 132 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 158,013 shares of company stock valued at $14,337,635 in the last three months. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $79.49 on Friday. The stock has a market capitalization of $30.90 billion, a P/E ratio of 22.71, a PEG ratio of 2.39 and a beta of 1.00. The stock’s fifty day moving average is $88.73 and its 200 day moving average is $89.09. Otis Worldwide Corporation has a 52 week low of $78.25 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, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the business posted $0.93 earnings per share. Otis Worldwide’s revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent research reports. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Finally, JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Three 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $101.44.

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.