BI Asset Management Fondsmaeglerselskab A S Purchases 7,185 Shares of Otis Worldwide Corporation $OTIS

BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 40.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,894 shares of the company’s stock after purchasing an additional 7,185 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Otis Worldwide were worth $2,276,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $26,000. Chilton Capital Management LLC bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $31,000. Nemes Rush Group LLC raised its position in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Rakuten Investment Management Inc. bought a new stake in Otis Worldwide in the third quarter worth $31,000. Finally, Oakworth Capital Inc. lifted its stake in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

NYSE OTIS opened at $89.84 on Friday. The stock has a market cap of $35.01 billion, a P/E ratio of 25.67, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $106.83. The stock has a 50 day simple moving average of $88.46 and a two-hundred day simple moving average of $88.87.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 108,887 shares of company stock worth $9,808,350 in the last ninety days. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OTIS shares. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Finally, Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.44.

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.