Otis Worldwide Corporation $OTIS Shares Bought by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management raised its Otis stake by 49.6% in Q4 to 133,529 shares (worth $11.66M), while overall institutional ownership stands at 88.03% and several other large funds materially changed positions.
• Company insiders have been net sellers: CEO Judith Fran Marks sold 56,107 shares (a 19.5% reduction) and insiders sold 158,013 shares worth $14.34M over the past 90 days, leaving insiders with just 0.23% ownership.
• Stock snapshot and analyst view: Otis has a $31.8B market cap, a P/E of 23.4, a $0.42 quarterly dividend (2.1% yield), reported $1.03 EPS that met estimates but slightly missed revenue, and carries a consensus "Hold" rating with a $98.90 target.

Robeco Institutional Asset Management B.V. raised its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 49.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 133,529 shares of the company's stock after purchasing an additional 44,272 shares during the period. Robeco Institutional Asset Management B.V.'s holdings in Otis Worldwide were worth $11,664,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Allied Investment Advisors LLC lifted its position in shares of Otis Worldwide by 6.0% in the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company's stock valued at $10,858,000 after acquiring an additional 6,770 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of 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 valued at $264,277,000 after acquiring an additional 1,013,876 shares during the last quarter. SG Americas Securities LLC increased its position in Otis Worldwide by 12,345.2% during the 4th quarter. SG Americas Securities LLC now owns 499,177 shares of the company's stock worth $43,603,000 after purchasing an additional 495,166 shares in the last quarter. Pinnacle Financial Partners Inc. raised its stake in Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company's stock valued at $7,085,000 after purchasing an additional 12,721 shares during the last quarter. Finally, Carnegie Investment Counsel raised its stake in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company's stock valued at $21,428,000 after purchasing an additional 38,931 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the business'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 completion of the sale, the chief executive officer owned 231,072 shares of the company's stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer owned 3,504 shares of the company's stock, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 over the last ninety days. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

OTIS opened at $81.89 on Wednesday. Otis Worldwide Corporation has a 1 year low of $75.27 and a 1 year high of $101.42. The company's 50 day simple moving average is $85.17 and its 200 day simple moving average is $87.89. The stock has a market capitalization of $31.83 billion, a PE ratio of 23.40, a P/E/G ratio of 2.50 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.93 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is 48.00%.

Wall Street Analyst Weigh In

Several research firms have issued reports on OTIS. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 1st. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. Barclays decreased their target price on shares of Otis Worldwide from $90.00 to $80.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 1st. Finally, 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. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $98.90.

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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