Rathbones Group PLC Has $34.17 Million Holdings in Otis Worldwide Corporation $OTIS

Rathbones Group PLC lessened its position in Otis Worldwide Corporation (NYSE:OTIS) by 11.5% in the 4th quarter, Holdings Channel reports. The fund owned 391,191 shares of the company’s stock after selling 50,839 shares during the period. Rathbones Group PLC’s holdings in Otis Worldwide were worth $34,171,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oakworth Capital Inc. raised its stake in Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the period. Cookson Peirce & Co. Inc. boosted its position in shares of Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the period. OLD National Bancorp IN grew its holdings in shares of Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares in the last quarter. Physician Wealth Advisors Inc. raised its position in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares during the period. Finally, Cary Street Partners Financial LLC raised its position in Otis Worldwide by 2.6% during the third quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company’s stock valued at $472,000 after buying an additional 132 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value 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 $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $78.00 on Monday. The company has a market capitalization of $30.32 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. Otis Worldwide Corporation has a one year low of $75.27 and a one year high of $105.95. The company’s fifty day moving average price is $86.28 and its 200 day moving average price is $88.36.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion for 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 firm’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.93 earnings per share. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a $0.42 dividend. 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 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, JPMorgan Chase & Co. lowered 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 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $98.78.

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.