Mirabella Financial Services LLP Makes New $1.56 Million Investment in Otis Worldwide Corporation $OTIS

Mirabella Financial Services LLP acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 17,100 shares of the company’s stock, valued at approximately $1,563,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swiss Life Asset Management Ltd boosted its position in shares of Otis Worldwide by 27.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 56,656 shares of the company’s stock valued at $5,180,000 after purchasing an additional 12,235 shares in the last quarter. Groupama Asset Managment bought a new stake in Otis Worldwide in the third quarter worth approximately $287,000. ARQ Wealth Advisors LLC bought a new stake in Otis Worldwide in the third quarter worth approximately $289,000. Graybill Wealth Management LTD. lifted its stake in Otis Worldwide by 1.5% in the third quarter. Graybill Wealth Management LTD. now owns 55,813 shares of the company’s stock valued at $5,103,000 after buying an additional 802 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its stake in Otis Worldwide by 54.0% in the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after buying an additional 1,013,876 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 158,013 shares of company stock worth $14,337,635. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Wall Street Zen lowered 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 target for the company in a report on Tuesday, December 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Three equities research 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 data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $80.22 on Friday. Otis Worldwide Corporation has a 52-week low of $78.25 and a 52-week high of $105.95. The business’s 50 day simple moving average is $88.94 and its two-hundred day simple moving average is $89.11. The firm has a market cap of $31.18 billion, a P/E ratio of 22.92, a PEG ratio of 2.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared 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 yield of 2.1%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s payout ratio is 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.