Candriam S.C.A. Has $7.51 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Candriam S.C.A. trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 76.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,173 shares of the company’s stock after selling 269,963 shares during the period. Candriam S.C.A.’s holdings in Otis Worldwide were worth $7,513,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $26,000. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide during the second quarter worth approximately $31,000. Nemes Rush Group LLC grew its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $31,000. Finally, Westside Investment Management Inc. increased its stake in 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 buying an additional 168 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $90.03 on Wednesday. The stock has a market capitalization of $35.00 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.69 and a beta of 1.01. The business has a 50-day moving average of $88.54 and a two-hundred day moving average of $88.87. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. 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 presently 48.00%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Neil Green sold 6,000 shares of the company’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 owned 3,773 shares of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 110,069 shares of company stock worth $9,914,801. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OTIS shares. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Wells Fargo & Company dropped their target price 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $101.44.

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.