Otis Worldwide Co. (NYSE:OTIS) is Sarasin & Partners LLP's 7th Largest Position

Sarasin & Partners LLP lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,642,200 shares of the company's stock after selling 411,115 shares during the quarter. Otis Worldwide comprises approximately 4.0% of Sarasin & Partners LLP's portfolio, making the stock its 7th biggest position. Sarasin & Partners LLP owned about 0.92% of Otis Worldwide worth $375,875,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after buying an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC raised its holdings in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. raised its holdings in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter valued at about $649,883,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Royal Bank of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Stock Down 1.3%

Shares of OTIS traded down $1.23 during mid-day trading on Friday, hitting $95.72. The company had a trading volume of 1,873,523 shares, compared to its average volume of 2,317,869. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The business's 50-day simple moving average is $96.20 and its 200-day simple moving average is $97.04. The stock has a market cap of $37.78 billion, a PE ratio of 23.58 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $0.88 EPS. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.76%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.