ICICI Prudential Asset Management Co Ltd Invests $3.29 Million in Otis Worldwide Corporation $OTIS

ICICI Prudential Asset Management Co Ltd acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, Holdings Channel reports. The fund acquired 36,000 shares of the company’s stock, valued at approximately $3,291,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $26,000. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide in the second quarter valued at $31,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide in the 3rd quarter valued at about $31,000. Finally, Westside Investment Management Inc. lifted its holdings in Otis Worldwide by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OTIS. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Up 0.3%

OTIS stock opened at $93.01 on Friday. The firm has a 50 day simple moving average of $89.13 and a 200-day simple moving average of $89.07. The company has a market capitalization of $36.15 billion, a P/E ratio of 26.57, a PEG ratio of 2.79 and a beta of 1.01. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The firm 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%.Otis Worldwide’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend 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.