Sarasin & Partners LLP Sells 1,076,225 Shares of Otis Worldwide Corporation $OTIS

Sarasin & Partners LLP lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 29.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,534,579 shares of the company’s stock after selling 1,076,225 shares during the period. Otis Worldwide accounts for 2.3% of Sarasin & Partners LLP’s holdings, making the stock its 16th largest holding. Sarasin & Partners LLP’s holdings in Otis Worldwide were worth $221,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Allied Investment Advisors LLC raised its position in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Otis Worldwide by 54.0% in the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after buying an additional 1,013,876 shares during the period. Pinnacle Financial Partners Inc. raised its position in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares during the last quarter. Natixis lifted its stake in shares of Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after acquiring an additional 58,286 shares during the period. Finally, Carnegie Investment Counsel lifted its stake in shares of Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after acquiring an additional 38,931 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. BNP Paribas Exane raised shares of 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. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $79.49 on Friday. Otis Worldwide Corporation has a fifty-two week low of $78.25 and a fifty-two week high of $105.95. The stock has a 50 day simple moving average of $88.73 and a two-hundred day simple moving average of $89.09. The company has a market cap of $30.90 billion, a P/E ratio of 22.71, a PEG ratio of 2.39 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction 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 approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

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.