Quantbot Technologies LP Has $14.29 Million Stock Position in Otis Worldwide Corporation $OTIS

Quantbot Technologies LP lifted its position in Otis Worldwide Corporation (NYSE:OTIS) by 61.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 156,307 shares of the company’s stock after buying an additional 59,260 shares during the quarter. Otis Worldwide comprises 0.4% of Quantbot Technologies LP’s investment portfolio, making the stock its 29th largest holding. Quantbot Technologies LP’s holdings in Otis Worldwide were worth $14,291,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OTIS. Andra AP fonden lifted its position in shares of Otis Worldwide by 20.8% during the 3rd quarter. Andra AP fonden now owns 288,734 shares of the company’s stock worth $26,399,000 after purchasing an additional 49,800 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Otis Worldwide by 3.2% during the 3rd quarter. Artisan Partners Limited Partnership now owns 560,041 shares of the company’s stock worth $51,205,000 after purchasing an additional 17,460 shares in the last quarter. R Squared Ltd grew its holdings in shares of Otis Worldwide by 4.8% during the 3rd quarter. R Squared Ltd now owns 11,715 shares of the company’s stock worth $1,071,000 after purchasing an additional 537 shares in the last quarter. Diversify Wealth Management LLC increased its position in shares of Otis Worldwide by 5.7% during the third quarter. Diversify Wealth Management LLC now owns 15,869 shares of the company’s stock valued at $1,431,000 after purchasing an additional 860 shares during the period. Finally, DNB Asset Management AS raised its stake in shares of Otis Worldwide by 1.4% in the third quarter. DNB Asset Management AS now owns 149,079 shares of the company’s stock valued at $13,630,000 after purchasing an additional 2,092 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several analyst reports. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Up 1.0%

Shares of NYSE OTIS opened at $92.33 on Friday. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83. The firm’s 50-day simple moving average is $89.49 and its 200 day simple moving average is $89.26. The company has a market cap of $35.89 billion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 2.76 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.93 earnings per share. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.