Pacer Advisors Inc. Has $6.47 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 119.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,361 shares of the company’s stock after buying an additional 39,318 shares during the period. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $6,474,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings 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 buying an additional 829,784 shares during the last quarter. State Street Corp increased its holdings in Otis Worldwide by 1.5% during the second 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 last quarter. Morgan Stanley increased its holdings in Otis Worldwide by 5.4% during the fourth quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock worth $1,034,530,000 after buying an additional 681,992 shares during the last quarter. Alliancebernstein L.P. boosted its position in Otis Worldwide by 32.5% during the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock worth $1,089,453,000 after purchasing an additional 2,999,494 shares during the period. Finally, JPMorgan Chase & Co. boosted 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 period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $99.86 on Thursday. The firm has a 50-day moving average of $93.45 and a 200-day moving average of $86.96. The stock has a market cap of $40.49 billion, a PE ratio of 29.46 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping 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 analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the business posted $0.75 earnings per share. Equities research analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. UBS Group lifted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.29.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide 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 transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.

About Otis Worldwide

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.