Otis Worldwide Co. (NYSE:OTIS) Stake Boosted by Citigroup Inc.

Citigroup Inc. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 40.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 451,572 shares of the company’s stock after acquiring an additional 130,958 shares during the period. Citigroup Inc.’s holdings in Otis Worldwide were worth $36,266,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in OTIS. Vanguard Group Inc. lifted its stake in Otis Worldwide by 2.2% during the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock worth $3,010,837,000 after purchasing an additional 829,784 shares during the period. State Street Corp lifted its position in shares of Otis Worldwide by 1.5% during the 2nd quarter. State Street Corp now owns 16,043,265 shares of the company’s stock worth $1,428,011,000 after buying an additional 236,353 shares during the period. Morgan Stanley boosted its stake in Otis Worldwide by 5.4% in the 4th quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock valued at $1,034,530,000 after buying an additional 681,992 shares in the last quarter. Alliancebernstein L.P. grew its position 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 acquiring an additional 2,999,494 shares during the period. Finally, Geode Capital Management LLC raised its stake in Otis Worldwide by 2.9% during the second quarter. Geode Capital Management LLC now owns 10,134,058 shares of the company’s stock worth $901,088,000 after acquiring an additional 285,489 shares in the last quarter. 85.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.15% of the company’s stock.

Otis Worldwide Trading Up 0.3 %

Otis Worldwide stock opened at $91.33 on Tuesday. The company’s 50-day moving average is $88.65 and its two-hundred day moving average is $84.84. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $92.45. The company has a market cap of $37.03 billion, a PE ratio of 26.94 and a beta of 1.00.

Otis Worldwide (NYSE:OTISGet Free Report) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. Research analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 8th. Investors of record on Friday, February 16th will be given a $0.34 dividend. The ex-dividend date is Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.49%. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.33.

Read Our Latest Report on Otis Worldwide

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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