American Century Companies Inc. Sells 26,788 Shares of Otis Worldwide Corporation $OTIS

American Century Companies Inc. reduced its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 8.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 309,333 shares of the company’s stock after selling 26,788 shares during the quarter. American Century Companies Inc. owned about 0.08% of Otis Worldwide worth $28,282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in Otis Worldwide during the 3rd quarter valued at $26,000. Nemes Rush Group LLC boosted its holdings in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. Rakuten Investment Management Inc. purchased a new position in shares of Otis Worldwide in the third quarter valued at $31,000. Oakworth Capital Inc. grew its position in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. raised its stake in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The shares were 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 of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $101.44.

Otis Worldwide Stock Down 1.6%

Otis Worldwide stock opened at $89.15 on Monday. The stock has a market cap of $34.65 billion, a price-to-earnings ratio of 25.47, a PEG ratio of 2.69 and a beta of 1.00. The business has a 50-day simple moving average of $89.87 and a 200 day simple moving average of $89.39. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83.

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

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

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.