Artisan Partners Limited Partnership Has $51.21 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Artisan Partners Limited Partnership boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 560,041 shares of the company’s stock after buying an additional 17,460 shares during the period. Artisan Partners Limited Partnership owned approximately 0.14% of Otis Worldwide worth $51,205,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new position in Otis Worldwide during the 2nd quarter valued at about $721,614,000. Marshall Wace LLP grew its position in Otis Worldwide by 5,291.5% during the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. increased its stake in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after buying an additional 1,991,860 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Otis Worldwide in the 2nd quarter worth approximately $114,319,000. Finally, Canoe Financial LP boosted its stake in shares of Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after buying an additional 940,862 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock worth $14,337,635 in the last 90 days. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $92.33 on Friday. The stock’s 50 day simple moving average is $89.49 and its 200 day simple moving average is $89.26. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83. The company has a market capitalization of $35.89 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 2.76 and a beta of 1.01.

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

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. downgraded 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 note on Friday, January 30th. Wells Fargo & Company dropped their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide Company Profile

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.