Korea Investment CORP Sells 101,175 Shares of Otis Worldwide Corporation $OTIS

Korea Investment CORP cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 28.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 252,740 shares of the company’s stock after selling 101,175 shares during the period. Korea Investment CORP owned about 0.06% of Otis Worldwide worth $23,108,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Otis Worldwide during the second quarter worth approximately $721,614,000. Marshall Wace LLP boosted its stake in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $114,319,000. Finally, Canoe Financial LP grew its holdings in shares of Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after purchasing an additional 940,862 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 158,013 shares of company stock worth $14,337,635. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on OTIS shares. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. 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. Wells Fargo & Company cut 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. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $86.11 on Wednesday. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $105.95. The stock has a market capitalization of $33.47 billion, a P/E ratio of 24.60, a P/E/G ratio of 2.64 and a beta of 1.00. The company’s 50-day moving average is $89.82 and its 200 day moving average is $89.37.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share 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 business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm posted $0.93 EPS. The business’s revenue was up 3.3% on a year-over-year basis. Research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.0%. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.