Guinness Asset Management LTD Sells 12,845 Shares of Otis Worldwide Corporation $OTIS

Guinness Asset Management LTD reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 0.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,912,155 shares of the company’s stock after selling 12,845 shares during the quarter. Otis Worldwide makes up 2.8% of Guinness Asset Management LTD’s investment portfolio, making the stock its 20th largest holding. Guinness Asset Management LTD’s holdings in Otis Worldwide were worth $174,561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Allied Investment Advisors LLC lifted its holdings in shares of Otis Worldwide by 6.0% during the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after buying an additional 6,770 shares during the last quarter. Atlantic Union Bankshares Corp raised its stake in Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after purchasing an additional 18,881 shares during the last quarter. Pinnacle Financial Partners Inc boosted its holdings in Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares during the period. Carnegie Investment Counsel boosted its holdings in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after purchasing an additional 38,931 shares during the period. Finally, Natixis grew its position in Otis Worldwide by 226.4% in the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after purchasing an additional 58,286 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. 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. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Finally, Wells Fargo & Company reduced 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 report on Monday, December 15th. Three equities 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 company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $101.44.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $91.20 on Friday. The company’s fifty day moving average is $88.44 and its 200-day moving average is $89.02. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The company has a market capitalization of $35.54 billion, a PE ratio of 26.06, a P/E/G ratio of 2.72 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.93 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s payout ratio is 48.00%.

Insider Activity at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 108,887 shares of company stock worth $9,808,350 over the last three months. 0.23% of the stock is owned by company insiders.

Otis Worldwide Company 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.