Otis Worldwide Co. (NYSE:OTIS) is Sarasin & Partners LLP's 9th Largest Position

Sarasin & Partners LLP cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,823,792 shares of the company's stock after selling 229,523 shares during the period. Otis Worldwide comprises approximately 3.9% of Sarasin & Partners LLP's investment portfolio, making the stock its 9th biggest position. Sarasin & Partners LLP owned 0.96% of Otis Worldwide worth $397,445,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. PineStone Asset Management Inc. raised its stake in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after buying an additional 121,322 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. SVB Wealth LLC bought a new position in Otis Worldwide in the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Otis Worldwide by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after purchasing an additional 67,937 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Down 0.1%

Shares of NYSE OTIS traded down $0.13 during mid-day trading on Thursday, hitting $95.14. The company had a trading volume of 400,798 shares, compared to its average volume of 2,308,479. The stock's 50-day moving average price is $96.67 and its 200-day moving average price is $97.29. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The company has a market capitalization of $37.55 billion, a price-to-earnings ratio of 23.43 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.77%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Ratings Changes

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

Otis Worldwide 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.