Independent Franchise Partners LLP Invests $100.44 Million in Otis Worldwide Corporation $OTIS

Key Points

• Independent Franchise Partners LLP opened a new position of 1,098,496 shares in Otis, valued at approximately $100.44 million, representing about 0.28% of Otis and 0.7% of the fund's portfolio (its 26th largest holding).
• Otis reported Q results of $1.03 EPS (in line) on $3.80B revenue (up 3.3% y/y but slightly below estimates), has a market cap of $32.33B, pays a $0.42 quarterly dividend (2.0% yield), and carries a consensus analyst rating of Hold with a $101.44 target.
• Insiders have been net sellers recently, offloading 158,013 shares worth about $14.34 million over the past 90 days, and corporate insiders now own roughly 0.23% of the stock.

Independent Franchise Partners LLP purchased a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,098,496 shares of the company's stock, valued at approximately $100,435,000. Otis Worldwide makes up 0.7% of Independent Franchise Partners LLP's investment portfolio, making the stock its 26th largest holding. Independent Franchise Partners LLP owned approximately 0.28% of Otis Worldwide at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OTIS. Jones Financial Companies Lllp lifted its stake in shares of Otis Worldwide by 3.4% in 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 in the last quarter. Empowered Funds LLC increased its position in shares of Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after acquiring an additional 857 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after acquiring an additional 1,574 shares in the last quarter. AE Wealth Management LLC raised its holdings in Otis Worldwide by 12.7% in the 2nd quarter. AE Wealth Management LLC now owns 3,845 shares of the company's stock worth $381,000 after acquiring an additional 433 shares during the last quarter. Finally, Profund Advisors LLC raised its holdings in Otis Worldwide by 10.3% in the 2nd quarter. Profund Advisors LLC now owns 4,432 shares of the company's stock worth $439,000 after acquiring an additional 413 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock worth $14,337,635 over the last ninety days. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Up 0.6%

Shares of NYSE OTIS opened at $83.17 on Friday. Otis Worldwide Corporation has a 12-month low of $82.47 and a 12-month high of $105.95. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 23.76, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. The firm has a 50 day moving average of $89.57 and a 200 day moving average of $89.26.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results 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 for 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 company's revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have commented on OTIS. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Weiss Ratings restated a "hold (c)" rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wells Fargo & Company lowered their price target on Otis Worldwide from $95.00 to $92.00 and set an "equal weight" rating on the stock in a report on Monday, December 15th. BNP Paribas Exane raised Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research report on Tuesday, December 9th. Finally, Wall Street Zen downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $101.44.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.