Russell Investments Group Ltd. grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,673,366 shares of the company's stock after purchasing an additional 100,029 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.43% of Otis Worldwide worth $152,974,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Inceptionr LLC purchased a new position in Otis Worldwide in the 3rd quarter worth about $1,651,000. Diversify Advisory Services LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $202,000. B. Metzler seel. Sohn & Co. AG boosted its position in Otis Worldwide by 1.3% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 40,047 shares of the company's stock valued at $3,661,000 after buying an additional 503 shares during the period. CreativeOne Wealth LLC grew its stake in Otis Worldwide by 12.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 3,078 shares of the company's stock worth $281,000 after acquiring an additional 331 shares in the last quarter. Finally, Natixis Advisors LLC grew its stake in Otis Worldwide by 9.7% in the 3rd quarter. Natixis Advisors LLC now owns 376,421 shares of the company's stock worth $34,416,000 after acquiring an additional 33,263 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company dropped their price objective on 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. BNP Paribas Exane upgraded 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. Wall Street Zen lowered Otis Worldwide from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Otis Worldwide in a report on Monday, December 29th. Three investment 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. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average target price of $101.44.
View Our Latest Analysis on OTIS
Otis Worldwide Stock Performance
NYSE:OTIS opened at $89.15 on Monday. The firm has a 50-day simple moving average of $89.87 and a 200-day simple moving average of $89.39. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The firm has a market cap of $34.65 billion, a P/E ratio of 25.47, a P/E/G ratio of 2.69 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 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 company's quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.
Otis Worldwide Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is 48.00%.
Insider Buying and Selling
In related news, CEO Judith Fran Marks sold 56,107 shares of the company's stock in a transaction on 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 directly owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm'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 sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 over the last quarter. Insiders own 0.23% of the company's stock.
Otis Worldwide Company Profile
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Free Report)
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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