Pensionfund Sabic Invests $1.14 Million in Otis Worldwide Corporation $OTIS

Pensionfund Sabic purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,000 shares of the company’s stock, valued at approximately $1,136,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $27,000. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the third quarter worth $31,000. Westside Investment Management Inc. boosted its position in shares of Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after buying an additional 168 shares during the period. Finally, Physician Wealth Advisors Inc. grew its holdings in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.8%

Shares of NYSE:OTIS opened at $78.59 on Thursday. Otis Worldwide Corporation has a 1 year low of $77.74 and a 1 year high of $105.95. The business has a fifty day simple moving average of $88.06 and a 200 day simple moving average of $88.93. The firm has a market cap of $30.55 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 2.35 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Otis Worldwide’s payout ratio is presently 48.00%.

Insider Transactions at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OTIS shares. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company dropped their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Finally, Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price 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.