Savant Capital LLC Boosts Stock Position in Otis Worldwide Corporation $OTIS

Savant Capital LLC grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 25.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,023 shares of the company’s stock after buying an additional 6,647 shares during the quarter. Savant Capital LLC’s holdings in Otis Worldwide were worth $3,019,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Jones Financial Companies Lllp boosted its stake in Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after acquiring an additional 304 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after purchasing an additional 1,574 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Otis Worldwide during the second quarter worth about $75,000. Finally, Maryland State Retirement & Pension System grew its stake in Otis Worldwide by 2.9% in the second quarter. Maryland State Retirement & Pension System now owns 19,207 shares of the company’s stock worth $1,902,000 after purchasing an additional 549 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 1.5%

Shares of NYSE:OTIS opened at $89.84 on Friday. The firm’s 50 day moving average is $88.46 and its two-hundred day moving average is $88.87. The firm has a market capitalization of $35.01 billion, a P/E ratio of 25.67, a PEG ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting 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 business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $0.93 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on OTIS. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Three 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. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Activity

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred 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 directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 108,887 shares of company stock valued at $9,808,350 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.

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.