Mackenzie Financial Corp Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Mackenzie Financial Corp trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,239 shares of the company’s stock after selling 2,965 shares during the period. Mackenzie Financial Corp’s holdings in Otis Worldwide were worth $2,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. JB Capital LLC lifted its stake in Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after purchasing an additional 129 shares during the last quarter. Baystate Wealth Management LLC lifted its position in shares of Otis Worldwide by 16.7% during the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after buying an additional 138 shares during the last quarter. Sigma Planning Corp boosted its holdings in shares of Otis Worldwide by 3.5% in the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock valued at $336,000 after buying an additional 141 shares in the last quarter. Avior Wealth Management LLC grew its position in shares of Otis Worldwide by 42.3% in the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock valued at $39,000 after buying an additional 143 shares during the last quarter. Finally, Spinnaker Trust raised its stake in Otis Worldwide by 4.8% during the 3rd quarter. Spinnaker Trust now owns 3,375 shares of the company’s stock worth $271,000 after acquiring an additional 154 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’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 completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 1.2 %

Otis Worldwide stock opened at $96.29 on Tuesday. The stock has a market capitalization of $38.92 billion, a price-to-earnings ratio of 28.40 and a beta of 1.01. The stock has a 50 day moving average of $96.21 and a two-hundred day moving average of $89.09. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period last year, the company earned $0.75 earnings per share. Equities analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company 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 was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.41%. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Wells Fargo & Company reduced their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. UBS Group raised their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus price target of $95.00.

Otis Worldwide Profile

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.