HighTower Advisors LLC Lowers Position in Otis Worldwide Corporation $OTIS

HighTower Advisors LLC trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 7.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 743,709 shares of the company’s stock after selling 55,896 shares during the quarter. HighTower Advisors LLC owned 0.19% of Otis Worldwide worth $67,998,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new position in Otis Worldwide during the third quarter worth about $26,000. Chilton Capital Management LLC acquired a new stake in Otis Worldwide in the 2nd quarter valued at approximately $31,000. Nemes Rush Group LLC increased its holdings in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide during the third quarter worth $31,000. Finally, Oakworth Capital Inc. lifted its stake in Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company cut their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded 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. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Three investment 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, the company currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide 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 of the company’s stock, valued at $2,691,486. The trade was a 62.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 in the last 90 days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $89.65 on Tuesday. The business’s 50-day moving average is $88.82 and its two-hundred day moving average is $88.97. The firm has a market capitalization of $34.85 billion, a P/E ratio of 25.61, a P/E/G ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.