Clarkston Capital Partners LLC Buys 62,501 Shares of Otis Worldwide Corporation $OTIS

Clarkston Capital Partners LLC grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 65.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,698 shares of the company’s stock after buying an additional 62,501 shares during the quarter. Clarkston Capital Partners LLC’s holdings in Otis Worldwide were worth $14,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. WINTON GROUP Ltd purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at about $2,533,000. Russell Investments Group Ltd. increased its holdings in Otis Worldwide by 6.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,673,366 shares of the company’s stock worth $152,974,000 after acquiring an additional 100,029 shares in the last quarter. Inceptionr LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $1,651,000. Diversify Advisory Services LLC bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $202,000. Finally, B. Metzler seel. Sohn & Co. AG raised its stake in Otis Worldwide by 1.3% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 40,047 shares of the company’s stock worth $3,661,000 after acquiring an additional 503 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 1.6%

OTIS opened at $89.15 on Monday. The stock has a 50-day moving average of $89.87 and a 200 day moving average of $89.39. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The firm has a market cap of $34.65 billion, a P/E ratio of 25.47, a P/E/G ratio of 2.69 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the sale, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 over the last 90 days. 0.23% of the stock is owned by corporate insiders.

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.