Erste Asset Management GmbH Sells 6,495 Shares of Otis Worldwide Corporation $OTIS

Erste Asset Management GmbH lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 4.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,518 shares of the company’s stock after selling 6,495 shares during the quarter. Erste Asset Management GmbH’s holdings in Otis Worldwide were worth $11,642,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in OTIS. Norges Bank bought a new position in Otis Worldwide during the second quarter worth $721,614,000. Marshall Wace LLP boosted its holdings in shares of Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after buying an additional 2,791,765 shares during the period. Vanguard Group Inc. grew its stake in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after buying an additional 1,991,860 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Otis Worldwide in the 2nd quarter valued at about $114,319,000. Finally, Canoe Financial LP raised its holdings in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after acquiring an additional 940,862 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction 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 in the company, valued at $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 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 $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 1.0%

OTIS opened at $92.33 on Friday. The stock has a market capitalization of $35.89 billion, a price-to-earnings ratio of 26.38, a P/E/G ratio of 2.76 and a beta of 1.01. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83. The company has a 50-day simple moving average of $89.49 and a 200 day simple moving average of $89.26.

Otis Worldwide (NYSE:OTIS) 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 net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm earned $0.93 EPS. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on OTIS shares. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. JPMorgan Chase & Co. lowered 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. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $101.44.

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.