NEOS Investment Management LLC Increases Stock Position in Otis Worldwide Corporation $OTIS

NEOS Investment Management LLC lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 44.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,351 shares of the company’s stock after purchasing an additional 14,808 shares during the period. NEOS Investment Management LLC’s holdings in Otis Worldwide were worth $4,421,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Jones Financial Companies Lllp lifted its holdings 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 acquiring an additional 304 shares during the period. Empowered Funds LLC raised its position in Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after acquiring an additional 857 shares during the period. Acadian Asset Management LLC boosted its stake in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after acquiring an additional 1,574 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in shares of Otis Worldwide by 4.5% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 6,347 shares of the company’s stock valued at $629,000 after acquiring an additional 271 shares during the period. Finally, Chicago Partners Investment Group LLC grew its position in shares of Otis Worldwide by 44.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 3,917 shares of the company’s stock valued at $388,000 after acquiring an additional 1,207 shares during the period. 88.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was 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 valued at $14,337,635 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.3%

Shares of NYSE:OTIS opened at $93.01 on Friday. The company has a 50 day moving average of $89.13 and a 200 day moving average of $89.07. The stock has a market cap of $36.15 billion, a P/E ratio of 26.57, a P/E/G ratio of 2.79 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company posted $0.93 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 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, March 13th. Investors of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Analyst Ratings Changes

A number of research firms recently commented on OTIS. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Wells Fargo & Company lowered their target price 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. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $101.44.

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.