Oak Thistle LLC Makes New $2.05 Million Investment in Otis Worldwide Corporation $OTIS

Oak Thistle LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the fourth quarter, Holdings Channel reports. The firm bought 23,428 shares of the company’s stock, valued at approximately $2,046,000.

A number of other large investors have also recently added to or reduced their stakes in OTIS. Jones Financial Companies Lllp boosted its position in Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the period. Empowered Funds LLC boosted its position in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares during the period. Acadian Asset Management LLC boosted its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after purchasing an additional 1,574 shares during the period. CW Advisors LLC boosted its position in Otis Worldwide by 45.2% during the second quarter. CW Advisors LLC now owns 5,248 shares of the company’s stock worth $520,000 after purchasing an additional 1,633 shares during the period. Finally, Baird Financial Group Inc. boosted its position in Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock worth $3,193,000 after purchasing an additional 2,132 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.5%

Otis Worldwide stock opened at $77.75 on Wednesday. The business’s 50-day simple moving average is $85.77 and its 200 day simple moving average is $88.19. The stock has a market cap of $30.22 billion, a price-to-earnings ratio of 22.22, a P/E/G ratio of 2.34 and a beta of 1.05. Otis Worldwide Corporation has a 12-month low of $75.27 and a 12-month high of $101.42.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 in the last ninety days. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday, March 27th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. Finally, Barclays lowered their target price on Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating for the company in a research note on Wednesday, April 1st. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.