Metis Global Partners LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Metis Global Partners LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,308 shares of the company’s stock after selling 1,695 shares during the quarter. Metis Global Partners LLC’s holdings in Otis Worldwide were worth $1,191,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OTIS. Stratos Wealth Partners LTD. lifted its holdings in Otis Worldwide by 13.1% during the third quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company’s stock valued at $543,000 after purchasing an additional 785 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Otis Worldwide by 1.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 111,433 shares of the company’s stock worth $8,949,000 after buying an additional 1,589 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Otis Worldwide by 2.9% in the third quarter. Mackenzie Financial Corp now owns 35,204 shares of the company’s stock worth $2,795,000 after buying an additional 1,000 shares in the last quarter. Brighton Jones LLC lifted its holdings in shares of Otis Worldwide by 8.1% in the third quarter. Brighton Jones LLC now owns 2,662 shares of the company’s stock worth $214,000 after buying an additional 200 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Otis Worldwide by 4.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,395 shares of the company’s stock worth $5,412,000 after buying an additional 2,802 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OTIS shares. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Melius started coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Finally, UBS Group upped their price objective 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $94.53 on Thursday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The firm’s 50 day simple moving average is $96.43 and its two-hundred day simple moving average is $90.11. The stock has a market capitalization of $38.22 billion, a P/E ratio of 27.32 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Otis Worldwide Company 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.