Fiera Capital Corp Sells 194,805 Shares of Otis Worldwide Corporation $OTIS

Fiera Capital Corp lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,144,223 shares of the company’s stock after selling 194,805 shares during the quarter. Otis Worldwide comprises 1.5% of Fiera Capital Corp’s investment portfolio, making the stock its 17th biggest holding. Fiera Capital Corp owned about 1.32% of Otis Worldwide worth $470,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after buying an additional 1,991,860 shares during the period. Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after purchasing an additional 603,860 shares during the period. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares during the period. Norges Bank bought a new position in shares of Otis Worldwide in the 2nd quarter worth $721,614,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in Otis Worldwide by 2.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after buying an additional 181,739 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.3%

Shares of Otis Worldwide stock opened at $93.01 on Friday. The business’s fifty day simple moving average is $89.13 and its 200 day simple moving average is $89.07. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The firm has a market capitalization of $36.15 billion, a P/E ratio of 26.57, a price-to-earnings-growth ratio of 2.79 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Finally, BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $101.44.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.