Aberdeen Group plc Trims Stake in Otis Worldwide Corporation $OTIS

Aberdeen Group plc reduced its stake in Otis Worldwide Corporation (NYSE:OTIS) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 326,398 shares of the company’s stock after selling 7,078 shares during the quarter. Aberdeen Group plc owned about 0.08% of Otis Worldwide worth $28,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Bank Pictet & Cie Europe AG increased its stake in shares of Otis Worldwide by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 15,611 shares of the company’s stock worth $1,364,000 after buying an additional 415 shares during the period. Compagnie Lombard Odier SCmA purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $198,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Otis Worldwide by 159.6% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,933 shares of the company’s stock valued at $518,000 after acquiring an additional 3,648 shares during the last quarter. Scharf Investments LLC boosted its holdings in shares of Otis Worldwide by 43.0% during the fourth quarter. Scharf Investments LLC now owns 1,145,040 shares of the company’s stock worth $100,020,000 after purchasing an additional 344,439 shares during the period. Finally, Frank Rimerman Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $659,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.2%

OTIS opened at $78.00 on Monday. The company has a market cap of $30.32 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. The stock has a fifty day simple moving average of $86.28 and a two-hundred day simple moving average of $88.36. Otis Worldwide Corporation has a 12-month low of $75.27 and a 12-month high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced 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 net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OTIS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Friday, March 27th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report 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 for the company in a research note on Tuesday, December 9th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 1st. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $98.78.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide 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 transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was 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 in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by company insiders.

Otis Worldwide 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.