Sarasin & Partners LLP Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Sarasin & Partners LLP raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,053,315 shares of the company’s stock after purchasing an additional 229,523 shares during the period. Otis Worldwide comprises about 4.1% of Sarasin & Partners LLP’s portfolio, making the stock its 9th largest holding. Sarasin & Partners LLP owned approximately 1.01% of Otis Worldwide worth $375,378,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide in the third quarter worth $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter valued at $29,000. Fortitude Family Office LLC boosted its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide during the third quarter worth about $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on OTIS. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Stock Up 1.7 %

OTIS stock opened at $94.76 on Monday. The company has a 50 day moving average of $96.80 and a two-hundred day moving average of $97.29. Otis Worldwide Co. has a 12-month low of $85.61 and a 12-month high of $106.33. The company has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.