Concentric Capital Strategies LP Makes New $4.52 Million Investment in Otis Worldwide Co. (NYSE:OTIS)

Concentric Capital Strategies LP acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 43,498 shares of the company’s stock, valued at approximately $4,521,000.

A number of other institutional investors have also recently made changes to their positions in OTIS. Optas LLC boosted its position in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares during the period. Brighton Jones LLC boosted its holdings in shares of Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after purchasing an additional 127 shares during the period. Resonant Capital Advisors LLC grew its stake in shares of Otis Worldwide by 4.6% in the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after purchasing an additional 150 shares during the last quarter. Finally, Selway Asset Management increased its holdings in Otis Worldwide by 0.8% during the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OTIS. Barclays cut their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $102.98 on Monday. The business has a fifty day moving average price of $101.90 and a 200-day moving average price of $97.81. The company has a market capitalization of $41.14 billion, a PE ratio of 25.68 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $83.99 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.51%. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.