Otis Worldwide Corporation $OTIS Shares Sold by iSAM Funds UK Ltd

iSAM Funds UK Ltd decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 36.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,212 shares of the company’s stock after selling 9,374 shares during the quarter. iSAM Funds UK Ltd’s holdings in Otis Worldwide were worth $1,482,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Otis Worldwide in the second quarter valued at $721,614,000. Marshall Wace LLP boosted its holdings in Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares during the period. Vanguard Group Inc. grew its position 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 acquiring an additional 1,991,860 shares in the last quarter. Van ECK Associates Corp increased its stake in Otis Worldwide by 3,464.3% during the third quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after purchasing an additional 1,966,019 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Otis Worldwide during the second quarter worth about $114,319,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. 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 research note on Tuesday, December 9th. Finally, New Street Research set a $98.00 target price on Otis Worldwide in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $101.44.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.

Otis Worldwide Stock Up 0.6%

Shares of Otis Worldwide stock opened at $83.17 on Friday. Otis Worldwide Corporation has a 52-week low of $82.47 and a 52-week high of $105.95. The company has a market capitalization of $32.33 billion, a P/E ratio of 23.76, a P/E/G ratio of 2.49 and a beta of 1.00. The company has a 50 day moving average of $89.57 and a 200 day moving average of $89.26.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $0.93 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s dividend payout ratio (DPR) 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.