Richard Bernstein Advisors LLC Sells 21,656 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Richard Bernstein Advisors LLC cut its Otis stake by 61.3%, selling 21,656 shares in the quarter and retaining 13,699 shares valued at about $1.25 million.
• Insiders have been notable sellers—Montlivault sold 47,944 shares (~$4.42M)—with a total of 158,013 shares (~$14.34M) sold in the past three months; insiders now own 0.23% of the company.
• Otis reported Q EPS of $1.03 (in line with estimates) while revenue missed at $3.80B versus $3.88B expected, declared a $0.42 quarterly dividend (annualized $1.68, ~2.0% yield), and holds an average analyst rating of "Hold" with a $101.44 target.

Richard Bernstein Advisors LLC lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 61.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,699 shares of the company's stock after selling 21,656 shares during the quarter. Richard Bernstein Advisors LLC's holdings in Otis Worldwide were worth $1,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Root Financial Partners LLC bought a new stake in Otis Worldwide during the third quarter worth $26,000. Nemes Rush Group LLC grew its stake in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company's stock valued at $31,000 after purchasing an additional 135 shares during the period. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the 3rd quarter valued at $31,000. Oakworth Capital Inc. increased its position in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company's stock valued at $31,000 after purchasing an additional 113 shares during the last quarter. Finally, Physician Wealth Advisors Inc. increased its position 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 valued at $31,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider owned 29,176 shares of the company's stock, valued at approximately $2,691,486. The trade was a 62.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Down 1.7%

Otis Worldwide stock opened at $86.11 on Wednesday. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $105.95. The firm has a fifty day simple moving average of $89.82 and a two-hundred day simple moving average of $89.37. The company has a market capitalization of $33.47 billion, a PE ratio of 24.60, a P/E/G ratio of 2.64 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.03. The firm 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 for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.93 earnings per share. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

About Otis Worldwide

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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