Brown Brothers Harriman & Co. Purchases 221,201 Shares of Otis Worldwide Corporation $OTIS

Brown Brothers Harriman & Co. boosted its position in Otis Worldwide Corporation (NYSE:OTIS) by 14.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,702,585 shares of the company’s stock after purchasing an additional 221,201 shares during the period. Brown Brothers Harriman & Co. owned about 0.44% of Otis Worldwide worth $155,667,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Allied Investment Advisors LLC raised its holdings in shares of Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares during the period. Pinnacle Financial Partners Inc. lifted its holdings in Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares in the last quarter. Carnegie Investment Counsel boosted its stake in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after purchasing an additional 38,931 shares during the period. Natixis grew its holdings in Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after buying an additional 58,286 shares in the last quarter. Finally, Canoe Financial LP grew its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

In other Otis Worldwide news, 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 value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the business’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 transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

OTIS stock opened at $83.17 on Friday. The firm has a market cap of $32.33 billion, a P/E ratio of 23.76, a P/E/G ratio of 2.49 and a beta of 1.00. The firm’s fifty day moving average is $89.57 and its 200 day moving average is $89.26. Otis Worldwide Corporation has a 52 week low of $82.47 and a 52 week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. The company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is presently 48.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OTIS. 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 report on Friday, January 30th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. BNP Paribas Exane raised shares of 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. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. 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. Based on data from MarketBeat, the company presently has a consensus 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.