Dimensional Fund Advisors LP Reduces Holdings in Otis Worldwide Corporation $OTIS

Dimensional Fund Advisors LP reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,874,633 shares of the company’s stock after selling 60,568 shares during the quarter. Dimensional Fund Advisors LP owned about 0.48% of Otis Worldwide worth $171,393,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide during the third quarter worth about $26,000. Nemes Rush Group LLC lifted its holdings in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $31,000. Westside Investment Management Inc. boosted its position in shares of Otis Worldwide by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares during the period. Finally, Physician Wealth Advisors Inc. grew its stake in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $87.47 on Tuesday. The stock’s 50 day moving average price is $89.86 and its 200 day moving average price is $89.39. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The company has a market cap of $34.00 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $0.93 earnings per share. Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business 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. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company cut their price target 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. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. 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 company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $101.44.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction that occurred 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 directly owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is currently 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.