Galvin Gaustad & Stein LLC Has $7.07 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• Galvin Gaustad & Stein LLC cut its stake in Otis by 34.6% in Q4, selling 42,755 shares and ending the period with 80,892 shares worth about $7.07 million.
• Insiders sold a total of 158,013 shares (~$14.34 million) over the last quarter — including CEO Judith Fran Marks (56,107 shares) — leaving insiders with just 0.23% ownership.
• Analyst coverage is mixed: the consensus rating is a Hold with an average target of $98.90, though Barclays cut its target to $80; OTIS trades near $81.65 and yields about 2.1%.

Galvin Gaustad & Stein LLC lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 34.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,892 shares of the company's stock after selling 42,755 shares during the quarter. Galvin Gaustad & Stein LLC's holdings in Otis Worldwide were worth $7,066,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OTIS. Van ECK Associates Corp grew its position in Otis Worldwide by 3,464.3% during the third quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company's stock worth $184,942,000 after buying an additional 1,966,019 shares in the last quarter. AQR Capital Management LLC grew its position in Otis Worldwide by 125.7% during the third quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock worth $236,891,000 after buying an additional 1,445,904 shares in the last quarter. Squarepoint Ops LLC grew its position in Otis Worldwide by 199.6% during the third quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company's stock worth $185,612,000 after buying an additional 1,352,530 shares in the last quarter. Independent Franchise Partners LLP acquired a new stake in Otis Worldwide during the third quarter worth approximately $100,435,000. Finally, CIBC Private Wealth Group LLC grew its position in Otis Worldwide by 54.0% during the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company's stock worth $264,277,000 after buying an additional 1,013,876 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the 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 transaction, the chief executive officer 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 over the last quarter. 0.23% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTIS. Barclays reduced their price target on Otis Worldwide from $90.00 to $80.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 1st. Wall Street Zen downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. New Street Research set a $98.00 target price on Otis Worldwide in a report on Friday, January 30th. Evercore assumed coverage on Otis Worldwide in a report on Monday. They issued an "outperform" rating and a $100.00 target price on the stock. Finally, Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Wednesday, April 8th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $98.90.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $81.65 on Tuesday. The stock's fifty day moving average price is $85.27 and its two-hundred day moving average price is $87.95. The company has a market cap of $31.74 billion, a PE ratio of 23.33, a P/E/G ratio of 2.44 and a beta of 1.05. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts' consensus estimates of $1.03. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate 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 revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.93 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, February 13th. Otis Worldwide's dividend payout ratio is presently 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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