Otis Worldwide Co. (NYSE:OTIS) Stake Raised by Federated Hermes Inc.

Federated Hermes Inc. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,776 shares of the company’s stock after buying an additional 7,557 shares during the period. Federated Hermes Inc.’s holdings in Otis Worldwide were worth $10,358,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in OTIS. JB Capital LLC grew its position in Otis Worldwide by 0.5% in the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after buying an additional 129 shares during the last quarter. Baystate Wealth Management LLC grew its position in 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 purchasing an additional 138 shares in the last quarter. Sigma Planning Corp grew its position in Otis Worldwide by 3.5% during the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after purchasing an additional 141 shares in the last quarter. Avior Wealth Management LLC grew its position in Otis Worldwide by 42.3% during the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after purchasing an additional 143 shares in the last quarter. Finally, Spinnaker Trust grew its position 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 purchasing an additional 154 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on OTIS shares. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Finally, Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.00.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 owns 192,319 shares in the company, valued at approximately $17,660,653.77. 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 Otis Worldwide stock in a transaction 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 completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 1.2 %

Shares of NYSE:OTIS opened at $97.47 on Wednesday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The firm has a fifty day moving average of $96.36 and a two-hundred day moving average of $89.21. The firm has a market capitalization of $39.40 billion, a P/E ratio of 28.75 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the business earned $0.75 EPS. Equities research analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is presently 40.12%.

About Otis Worldwide

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.