Federated Hermes Inc. Grows Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Federated Hermes Inc. lifted its stake in Otis Worldwide Co. (NYSE:OTIS) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,776 shares of the company’s stock after purchasing an additional 7,557 shares during the period. Federated Hermes Inc.’s holdings in Otis Worldwide were worth $10,358,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter valued at $28,000. Orion Capital Management LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth about $30,000. NBC Securities Inc. purchased a new stake in Otis Worldwide during the 3rd quarter worth about $33,000. CNB Bank lifted its holdings in Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after buying an additional 192 shares during the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in Otis Worldwide during the 3rd quarter worth about $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $97.47 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The company has a market capitalization of $39.40 billion, a P/E ratio of 28.75 and a beta of 1.01. The stock has a 50-day simple moving average of $96.36 and a 200-day simple moving average of $89.21.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same quarter in the previous year, the firm posted $0.75 EPS. As a group, analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insider Activity at Otis Worldwide

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

Analyst Ratings Changes

OTIS has been the subject of a number of recent analyst reports. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Wells Fargo & Company decreased their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Finally, Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.00.

Otis Worldwide Company 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.