Schroder Investment Management Group Sells 34,830 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Schroder Investment Management Group trimmed its stake in Otis by 1.5%, selling 34,830 shares and leaving it with 2,358,202 shares (~0.61% of the company) worth about $215.6 million.
• Company insiders have been net sellers recently, disposing of 158,013 shares valued at roughly $14.34 million in the last 90 days, including CEO Judith Fran Marks' sale of 56,107 shares (~$5.10 million).
• Analysts hold a consensus "Hold" rating on OTIS (3 Buys, 6 Holds, 1 Sell) with a consensus price target of $101.44.

Schroder Investment Management Group decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,358,202 shares of the company's stock after selling 34,830 shares during the quarter. Schroder Investment Management Group owned about 0.61% of Otis Worldwide worth $215,610,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of OTIS. Allied Investment Advisors LLC raised its stake in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company's stock worth $10,858,000 after buying an additional 6,770 shares during the period. Pinnacle Financial Partners Inc. grew its stake in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company's stock valued at $7,085,000 after acquiring an additional 12,721 shares during the period. Natixis grew its stake in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company's stock valued at $8,320,000 after acquiring an additional 58,286 shares during the period. Carnegie Investment Counsel increased its holdings in shares of Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company's stock worth $21,428,000 after acquiring an additional 38,931 shares in the last quarter. Finally, Davidson Investment Advisors raised its position in shares of Otis Worldwide by 60.7% during the third quarter. Davidson Investment Advisors now owns 287,918 shares of the company's stock worth $26,324,000 after purchasing an additional 108,759 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. cut Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. 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 report on Monday, December 15th. BNP Paribas Exane raised shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three 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 has an average rating of "Hold" and a consensus price target of $101.44.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm'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 completion of the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value 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 approximately $21,002,134.08. This represents a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 158,013 shares of company stock worth $14,337,635. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $89.15 on Monday. The stock 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 52-week low of $84.00 and a 52-week high of $106.83. The company has a market cap of $34.65 billion, a PE ratio of 25.47, a PEG ratio of 2.69 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio is presently 48.00%.

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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