Otis Worldwide Corporation $OTIS Shares Purchased by Louisbourg Investments Inc.

Louisbourg Investments Inc. boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 29.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,277 shares of the company’s stock after acquiring an additional 17,146 shares during the quarter. Otis Worldwide comprises 1.2% of Louisbourg Investments Inc.’s holdings, making the stock its 28th largest holding. Louisbourg Investments Inc.’s holdings in Otis Worldwide were worth $6,663,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bank Pictet & Cie Europe AG lifted its position in Otis Worldwide by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 15,611 shares of the company’s stock valued at $1,364,000 after buying an additional 415 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $198,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Otis Worldwide by 159.6% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,933 shares of the company’s stock worth $518,000 after acquiring an additional 3,648 shares during the last quarter. Scharf Investments LLC lifted its holdings in shares of Otis Worldwide by 43.0% in the 4th quarter. Scharf Investments LLC now owns 1,145,040 shares of the company’s stock worth $100,020,000 after acquiring an additional 344,439 shares during the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $659,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.7%

Shares of OTIS opened at $78.00 on Friday. The company has a market cap of $30.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.32 and a beta of 1.05. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $105.95. The firm’s 50 day moving average price is $86.54 and its 200 day moving average price is $88.45.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations 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 revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. Research analysts forecast 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. Investors of record on Friday, February 13th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is presently 48.00%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. BNP Paribas Exane raised 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 cut their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Barclays decreased their target price on Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $98.78.

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.