Otis Worldwide Corporation $OTIS Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in Otis by 3.4% in Q4, selling 30,883 shares and now owning 882,867 shares (about 0.23% of the company) worth roughly $77.1 million.
• Company insiders sold a total of 158,013 shares (~$14.34 million) over the last quarter, including CEO Judith Fran Marks' sale of 56,107 shares, representing a 19.54% reduction in her position.
• Otis reported Q4 EPS of $1.03 (meeting estimates) with revenue of $3.80 billion (slightly below consensus), declared a quarterly dividend of $0.42 (annualized yield ~2.1%), and holds an average analyst rating of "Hold" with a $98.90 target.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 882,867 shares of the company's stock after selling 30,883 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Otis Worldwide worth $77,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in OTIS. Franklin Resources Inc. raised its stake in Otis Worldwide by 4.5% in the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company's stock valued at $678,377,000 after buying an additional 322,255 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Otis Worldwide by 2.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company's stock worth $648,423,000 after acquiring an additional 181,739 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Otis Worldwide by 3.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company's stock valued at $436,866,000 after acquiring an additional 145,817 shares in the last quarter. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 3.6% during the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company's stock valued at $408,798,000 after acquiring an additional 163,476 shares in the last quarter. Finally, Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 0.8% in the 3rd quarter. Sarasin & Partners LLP now owns 3,610,804 shares of the company's stock valued at $329,630,000 after purchasing an additional 29,408 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.1%

OTIS opened at $81.89 on Wednesday. Otis Worldwide Corporation has a 12-month low of $75.27 and a 12-month high of $101.42. The firm 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. The firm has a 50 day moving average of $85.17 and a two-hundred day moving average of $87.89.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.93 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide's dividend payout ratio is presently 48.00%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide 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 transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business's stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares of the company's stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders 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 company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Otis Worldwide in a research note on Friday, March 27th. Wall Street Zen downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 1st. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average target price of $98.90.

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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