Alliancebernstein L.P. Reduces Position in Otis Worldwide Corporation $OTIS

Alliancebernstein L.P. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 12.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,938,037 shares of the company’s stock after selling 2,440,723 shares during the period. Alliancebernstein L.P. owned 4.35% of Otis Worldwide worth $1,548,645,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings 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 acquiring an additional 1,991,860 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Otis Worldwide by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock worth $678,377,000 after purchasing an additional 322,255 shares during the last quarter. Norges Bank purchased a new stake in shares of Otis Worldwide in the second quarter valued at approximately $721,614,000. Massachusetts Financial Services Co. MA grew its position in shares of Otis Worldwide by 2.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock valued at $648,423,000 after purchasing an additional 181,739 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Otis Worldwide by 3.1% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock valued at $436,866,000 after purchasing an additional 145,817 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $83.17 on Friday. The stock has a 50 day moving average of $89.57 and a 200 day moving average of $89.28. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $82.47 and a fifty-two week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted 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 for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Activity at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction on 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 of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane upgraded 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. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Three research 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 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.