Krilogy Financial LLC Purchases New Position in Otis Worldwide Corporation $OTIS

Krilogy Financial LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,921 shares of the company’s stock, valued at approximately $814,000.

Several other institutional investors and hedge funds also recently modified their holdings of OTIS. Root Financial Partners LLC acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $26,000. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter valued at approximately $31,000. Nemes Rush Group LLC lifted its position in shares of Otis Worldwide by 75.4% during the second 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 shares of Otis Worldwide during the third quarter worth $31,000. Finally, Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the transaction, the insider directly owned 29,176 shares of the company’s stock, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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

OTIS has been the topic of several analyst reports. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $101.44.

Otis Worldwide Trading Down 2.3%

Shares of NYSE OTIS opened at $89.65 on Friday. The company has a market capitalization of $34.85 billion, a price-to-earnings ratio of 25.61, a price-to-earnings-growth ratio of 2.76 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. The business has a 50 day simple moving average of $88.75 and a 200-day simple moving average of $88.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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 1.9%. Otis Worldwide’s dividend payout ratio is 48.00%.

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.