Caprock Group LLC Makes New $982,000 Investment in Otis Worldwide Corporation $OTIS

Caprock Group LLC acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 11,304 shares of the company’s stock, valued at approximately $982,000.

A number of other institutional investors have also recently made changes to their positions in OTIS. ING Groep NV bought a new stake in Otis Worldwide during the 3rd quarter valued at $8,296,000. Impax Asset Management Group plc raised its stake in shares of Otis Worldwide by 2.3% during the third quarter. Impax Asset Management Group plc now owns 112,578 shares of the company’s stock valued at $10,293,000 after acquiring an additional 2,557 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 22.5% during the third quarter. Advisors Asset Management Inc. now owns 13,121 shares of the company’s stock worth $1,200,000 after purchasing an additional 2,408 shares during the period. Krilogy Financial LLC bought a new stake in shares of Otis Worldwide in the third quarter worth about $814,000. Finally, Stratos Wealth Partners LTD. increased its holdings in Otis Worldwide by 26.7% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 8,042 shares of the company’s stock valued at $735,000 after purchasing an additional 1,695 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on OTIS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Tuesday, December 9th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Trading Down 2.3%

OTIS opened at $89.65 on Monday. The company has a market cap of $34.85 billion, a price-to-earnings ratio of 25.61, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01. The stock has a fifty day simple moving average of $88.75 and a two-hundred day simple moving average of $88.94. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

About Otis Worldwide

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.