Massachusetts Financial Services Co. MA Has $597.74 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• Massachusetts Financial Services trimmed its stake in Otis by 3.5%, selling 248,945 shares and retaining 6,843,069 shares worth about $597.74 million (roughly 1.76% of the company).
• Company insiders have been net sellers recently — EVP Neil Green sold 6,000 shares and CEO Judith Fran Marks sold 56,107 shares (about $5.1 million), leaving insiders with just 0.23% ownership.
• Wall Street's consensus rating is Hold with an average price target of $98.78; Otis trades near $79.95, has a 52-week range of $75.27–$101.42, and pays a $0.42 quarterly dividend (≈2.1% yield).

Massachusetts Financial Services Co. MA lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,843,069 shares of the company's stock after selling 248,945 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.76% of Otis Worldwide worth $597,742,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new stake in Otis Worldwide in the third quarter valued at $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth about $27,000. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth about $31,000. Oakworth Capital Inc. lifted its stake in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company's stock worth $31,000 after buying an additional 113 shares during the last quarter. Finally, Physician Wealth Advisors Inc. lifted its stake in shares of 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 last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the firm's stock in a transaction dated Monday, February 2nd. The shares were 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 approximately $326,175.85. This trade represents 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 through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm'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 transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 in the last three months. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 target price for the company. 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 Friday, March 27th. Barclays cut their target price on shares of Otis Worldwide from $90.00 to $80.00 and set an "underweight" rating for the company in a research note on Wednesday, April 1st. Wall Street Zen cut shares of Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $98.78.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $79.95 on Friday. Otis Worldwide Corporation has a 52 week low of $75.27 and a 52 week high of $101.42. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 22.84, a P/E/G ratio of 2.40 and a beta of 1.05. The firm's 50-day simple moving average is $85.36 and its 200 day simple moving average is $88.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm earned $0.93 earnings per share. Otis Worldwide's revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors 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 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is currently 48.00%.

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.

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