Victory Capital Management Inc. Sells 12,530 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Victory Capital Management reduced its stake in Otis by 1.5%, selling 12,530 shares and now holds 829,779 shares (about a 0.21% stake) valued at roughly $75.9 million.
• Company insiders — including CEO Judith Fran Marks (56,107 shares) and Montlivault Stephane De (47,944 shares) — have sold a total of 158,013 shares in the last 90 days worth about $14.34 million, leaving insiders with just 0.23% ownership.
• Analysts have a consensus rating of Hold with a $101.44 price target; Otis reported $1.03 EPS (in line with estimates), slightly missed revenue, and pays a $0.42 quarterly dividend ($1.68 annualized, ~1.9% yield).

Victory Capital Management Inc. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 829,779 shares of the company's stock after selling 12,530 shares during the period. Victory Capital Management Inc. owned approximately 0.21% of Otis Worldwide worth $75,867,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company's stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. lifted its position in Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company's stock valued at $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Otis Worldwide by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company's stock worth $1,057,594,000 after buying an additional 129,458 shares in the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide in the 2nd quarter worth about $721,614,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 2.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company's stock valued at $648,423,000 after buying an additional 181,739 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the firm's stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares of the company's stock, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares of the company's stock, valued at $2,691,486. The trade was a 62.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 158,013 shares of company stock worth $14,337,635. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on OTIS. BNP Paribas Exane raised Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. JPMorgan Chase & Co. lowered Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an "equal weight" rating for the company in a research note on Monday, December 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a report on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $101.44.

Otis Worldwide Price Performance

OTIS stock opened at $90.61 on Friday. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The firm's 50-day moving average is $89.83 and its 200 day moving average is $89.37. The company has a market capitalization of $35.22 billion, a PE ratio of 25.89, a P/E/G ratio of 2.75 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts' consensus estimates 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 company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.