Paladin Advisory Group LLC Has $36,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Paladin Advisory Group LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 67.9% in the fourth quarter, HoldingsChannel reports. The firm owned 407 shares of the company’s stock after selling 862 shares during the period. Paladin Advisory Group LLC’s holdings in Otis Worldwide were worth $36,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Otis Worldwide by 54.5% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after purchasing an additional 2,390 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares during the period. SG Americas Securities LLC boosted its stake in shares of Otis Worldwide by 176.4% during the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after buying an additional 74,030 shares during the period. Smith Salley & Associates acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $1,113,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Otis Worldwide by 29.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock valued at $12,117,000 after buying an additional 30,530 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.37 during midday trading on Friday, reaching $95.12. 2,339,698 shares of the company’s stock traded hands, compared to its average volume of 2,001,572. The company has a market cap of $38.45 billion, a price-to-earnings ratio of 28.17 and a beta of 1.01. The company’s 50 day simple moving average is $96.03 and its 200 day simple moving average is $88.73. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter last year, the firm earned $0.75 EPS. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.43%. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Barclays lifted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. UBS Group lifted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $94.29.

About Otis Worldwide

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.