Amiral Gestion Takes $5.39 Million Position in Otis Worldwide Corporation $OTIS

Amiral Gestion bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 61,731 shares of the company’s stock, valued at approximately $5,392,000. Otis Worldwide comprises approximately 2.0% of Amiral Gestion’s holdings, making the stock its 15th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Root Financial Partners LLC bought a new position in Otis Worldwide in the 3rd quarter valued at about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $27,000. Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $31,000. Oakworth Capital Inc. increased its stake in shares of Otis Worldwide by 49.1% during 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 period. Finally, Physician Wealth Advisors Inc. increased its stake in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares during the period. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the 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 in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction 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. This trade represents a 61.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 1.8%

Otis Worldwide stock opened at $76.03 on Friday. The stock has a market cap of $29.55 billion, a PE ratio of 21.72, a P/E/G ratio of 2.33 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $75.90 and a 12-month high of $105.95. The business’s 50-day moving average price is $87.52 and its two-hundred day moving average price is $88.77.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. The company 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 firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.93 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio 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.