Clean Energy Transition LLP Purchases 340,662 Shares of Otis Worldwide Corporation $OTIS

Clean Energy Transition LLP raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 103.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 669,669 shares of the company’s stock after acquiring an additional 340,662 shares during the period. Otis Worldwide makes up 4.5% of Clean Energy Transition LLP’s investment portfolio, making the stock its 7th largest holding. Clean Energy Transition LLP owned 0.17% of Otis Worldwide worth $61,228,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide during the third quarter worth about $26,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% during 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. acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $31,000. Westside Investment Management Inc. raised its stake in shares of Otis Worldwide by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after buying an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. lifted its holdings in shares of Otis Worldwide by 57.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.0%

Shares of NYSE OTIS opened at $92.33 on Friday. The stock has a market cap of $35.89 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 2.79 and a beta of 1.01. The company’s 50-day moving average price is $89.49 and its 200 day moving average price is $89.27. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. BNP Paribas Exane upgraded shares of 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. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $101.44.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by insiders.

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.