PineStone Asset Management Inc. Acquires 163,476 Shares of Otis Worldwide Corporation $OTIS

PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,679,997 shares of the company’s stock after buying an additional 163,476 shares during the period. Otis Worldwide accounts for 2.5% of PineStone Asset Management Inc.’s portfolio, making the stock its 13th biggest position. PineStone Asset Management Inc.’s holdings in Otis Worldwide were worth $408,798,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Alliancebernstein L.P. lifted its stake in Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares during the period. Franklin Resources Inc. increased its position in Otis Worldwide by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after purchasing an additional 322,255 shares during the period. Massachusetts Financial Services Co. MA increased its position in Otis Worldwide by 2.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock valued at $648,423,000 after purchasing an additional 181,739 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 3.1% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock worth $436,866,000 after purchasing an additional 145,817 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Otis Worldwide by 6.9% in the 2nd quarter. Invesco Ltd. now owns 4,529,221 shares of the company’s stock worth $448,483,000 after purchasing an additional 290,621 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide 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 transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was 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 ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.9%

Shares of OTIS stock opened at $77.04 on Wednesday. Otis Worldwide Corporation has a 12 month low of $75.27 and a 12 month high of $105.95. The stock has a market cap of $29.95 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00. The company’s fifty day moving average price is $87.02 and its 200-day moving average price is $88.60.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the business earned $0.93 EPS. Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Wells Fargo & Company cut their price objective on 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, New Street Research set a $98.00 target price on Otis Worldwide in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.