Otis Worldwide Corporation $OTIS Shares Sold by Citigroup Inc.

Citigroup Inc. lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 10.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 703,606 shares of the company’s stock after selling 77,796 shares during the period. Citigroup Inc.’s holdings in Otis Worldwide were worth $64,331,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in OTIS. Jones Financial Companies Lllp lifted its holdings in shares of Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the last quarter. Empowered Funds LLC increased its position in Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after buying an additional 857 shares during the period. Acadian Asset Management LLC lifted its stake in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after buying an additional 1,574 shares during the last quarter. Sage Mountain Advisors LLC acquired a new position in shares of Otis Worldwide during the second quarter valued at $295,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Otis Worldwide in the 2nd quarter valued at about $251,000. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 in the last ninety days. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on OTIS. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. 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, Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Trading Down 2.3%

NYSE OTIS opened at $90.52 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The firm’s fifty day simple moving average is $89.26 and its 200-day simple moving average is $89.18. The company has a market capitalization of $35.19 billion, a PE ratio of 25.86, a price-to-earnings-growth ratio of 2.79 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued 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 firm 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 company posted $0.93 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

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.