Vanguard Group Inc. Sells 322,619 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vanguard Group Inc. lessened its holdings in Otis Worldwide Co. (NYSE:OTISFree Report) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,859,425 shares of the company’s stock after selling 322,619 shares during the period. Vanguard Group Inc. owned about 9.74% of Otis Worldwide worth $3,201,110,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Otis Worldwide by 54.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after purchasing an additional 2,390 shares in the last quarter. Curbstone Financial Management Corp boosted its stake in shares of Otis Worldwide by 3.0% during the third quarter. Curbstone Financial Management Corp now owns 6,968 shares of the company’s stock valued at $560,000 after purchasing an additional 200 shares in the last quarter. Guinness Atkinson Asset Management Inc boosted its stake in shares of Otis Worldwide by 7.3% during the third quarter. Guinness Atkinson Asset Management Inc now owns 9,832 shares of the company’s stock valued at $790,000 after purchasing an additional 672 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Otis Worldwide by 2,180.2% during the third quarter. Federated Hermes Inc. now owns 108,219 shares of the company’s stock valued at $8,691,000 after purchasing an additional 103,473 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Otis Worldwide by 0.7% during the second quarter. ProShare Advisors LLC now owns 67,857 shares of the company’s stock valued at $6,040,000 after purchasing an additional 447 shares in the last quarter. Institutional investors own 85.48% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Up 0.0 %

Shares of Otis Worldwide stock opened at $98.50 on Friday. The stock has a fifty day simple moving average of $91.43 and a 200 day simple moving average of $86.15. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $98.98. The company has a market capitalization of $39.94 billion, a P/E ratio of 29.06 and a beta of 1.01.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. On average, analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.38%. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OTIS shares. UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Wells Fargo & Company cut their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $92.29.

View Our Latest Stock Report on Otis Worldwide

Otis Worldwide Profile

(Free Report)

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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