ING Groep NV Invests $8.30 Million in Otis Worldwide Corporation $OTIS

ING Groep NV acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, HoldingsChannel reports. The fund acquired 90,738 shares of the company’s stock, valued at approximately $8,296,000.

Several other large investors have also recently added to or reduced their stakes in the business. Allied Investment Advisors LLC lifted its position in shares of Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after buying an additional 6,770 shares during the last quarter. Pinnacle Financial Partners Inc grew its position in shares of Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after buying an additional 12,721 shares during the last quarter. Atlantic Union Bankshares Corp raised its stake in Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after acquiring an additional 18,881 shares in the last quarter. Natixis lifted its position in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after acquiring an additional 58,286 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its position in Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after acquiring an additional 38,931 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.7%

OTIS opened at $89.39 on Thursday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The business has a 50 day moving average price of $88.59 and a two-hundred day moving average price of $88.88. The company has a market cap of $34.75 billion, a PE ratio of 25.54, a P/E/G ratio of 2.71 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the company posted $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, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed 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 is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insider Transactions at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 110,069 shares of company stock worth $9,914,801. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on OTIS shares. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company dropped their price target on 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. New Street Research set a $98.00 price objective on Otis Worldwide in a 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 investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide 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.