Cerity Partners LLC Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Cerity Partners LLC increased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 43.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,731 shares of the company’s stock after purchasing an additional 7,741 shares during the period. Cerity Partners LLC’s holdings in Otis Worldwide were worth $2,302,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Otis Worldwide by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after buying an additional 829,784 shares during the period. Morgan Stanley boosted its position in shares of Otis Worldwide by 5.4% in the fourth quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock worth $1,034,530,000 after acquiring an additional 681,992 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Otis Worldwide by 32.5% in the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after purchasing an additional 2,999,494 shares during the period. JPMorgan Chase & Co. increased its position in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide during the fourth quarter worth approximately $370,013,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Melius initiated coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company dropped their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. UBS Group lifted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Finally, Barclays raised their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $94.29.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $95.49 on Friday. The firm has a market capitalization of $38.60 billion, a PE ratio of 28.17 and a beta of 1.01. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The stock’s 50 day moving average price is $96.03 and its 200 day moving average price is $88.73.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is 40.12%.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.