National Pension Service Purchases 17,324 Shares of Otis Worldwide Corporation $OTIS

National Pension Service increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.8% in the third quarter, HoldingsChannel reports. The firm owned 634,891 shares of the company’s stock after buying an additional 17,324 shares during the period. National Pension Service’s holdings in Otis Worldwide were worth $58,048,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. 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 lifted its holdings in Otis Worldwide by 10.5% during the 1st 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 last quarter. Acadian Asset Management LLC grew its holdings in Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after buying an additional 1,574 shares in the last quarter. PFG Investments LLC lifted its holdings in shares of Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after buying an additional 121 shares in the last quarter. Finally, Pure Financial Advisors LLC boosted its position in shares of Otis Worldwide by 9.3% in the second quarter. Pure Financial Advisors LLC now owns 2,132 shares of the company’s stock valued at $211,000 after acquiring an additional 181 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 2.0%

NYSE:OTIS opened at $85.43 on Monday. The stock’s 50-day moving average is $88.40 and its 200-day moving average is $89.18. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The stock has a market cap of $33.29 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 2.56 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced 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 firm 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 company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business 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 $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. JPMorgan Chase & Co. downgraded shares of 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. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Three investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $101.44.

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.