Capital Research Global Investors Buys 15,589 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Capital Research Global Investors increased its stake in Otis Worldwide (OTIS) by 15,589 shares to 2,825,737 shares—about a 0.73% stake valued at roughly $258.4 million at quarter-end.
• Several large institutions also made big moves—Norges Bank opened a ~$721.6 million position, Marshall Wace added ~2.79 million shares, and Vanguard holds 48.59 million shares—leaving institutional investors with about 88.03% ownership while insiders have sold 158,013 shares in the last 90 days and now own just 0.23%.
• Analysts carry a consensus "Hold" rating with a $101.44 price target; OTIS trades near $86 (52-week range $84–$105.95), reported Q1 EPS in line at $1.03, and pays a $0.42 quarterly dividend (≈2.0% yield).

Capital Research Global Investors lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,825,737 shares of the company's stock after acquiring an additional 15,589 shares during the quarter. Capital Research Global Investors owned approximately 0.73% of Otis Worldwide worth $258,357,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Otis Worldwide in the second quarter worth about $721,614,000. Marshall Wace LLP grew its stake in Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company's stock valued at $281,665,000 after acquiring an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. grew its holdings in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company's stock valued at $4,811,100,000 after buying an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Otis Worldwide during the second quarter worth $114,319,000. Finally, Canoe Financial LP lifted its stake in Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company's stock worth $220,525,000 after purchasing an additional 940,862 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president directly owned 3,773 shares of the company's stock, valued at $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 completion of the sale, the chief executive officer directly owned 231,072 shares of the company's stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 158,013 shares of company stock worth $14,337,635. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

OTIS has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Wall Street Zen downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. JPMorgan Chase & Co. lowered Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $101.44.

Otis Worldwide Trading Down 1.7%

NYSE:OTIS opened at $86.11 on Wednesday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $105.95. The stock has a 50 day moving average of $89.82 and a 200-day moving average of $89.37. The firm has a market capitalization 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 (NYSE:OTIS - Get Free Report) 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. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.93 earnings per share. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders 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 annualized dividend and a dividend yield of 2.0%. Otis Worldwide's dividend payout ratio is 48.00%.

Otis Worldwide 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.

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