StoneRidge PMG Advisors LLC Purchases New Stake in Otis Worldwide Corporation $OTIS

StoneRidge PMG Advisors LLC purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,553 shares of the company’s stock, valued at approximately $486,000.

Several other institutional investors have also recently made changes to their positions in the company. Hohimer Wealth Management LLC increased its stake in Otis Worldwide by 116.8% during the third quarter. Hohimer Wealth Management LLC now owns 65,598 shares of the company’s stock worth $4,219,000 after acquiring an additional 35,336 shares during the last quarter. University of Texas Texas AM Investment Management Co. lifted its stake in shares of Otis Worldwide by 65.3% in the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 686 shares of the company’s stock valued at $44,000 after purchasing an additional 271 shares during the last quarter. Candriam S.C.A. grew its holdings in shares of Otis Worldwide by 8.7% during the 3rd quarter. Candriam S.C.A. now owns 67,458 shares of the company’s stock worth $4,355,000 after purchasing an additional 5,392 shares during the period. Ethic Inc. grew its holdings in shares of Otis Worldwide by 37.9% during the 3rd quarter. Ethic Inc. now owns 58,566 shares of the company’s stock worth $3,767,000 after purchasing an additional 16,103 shares during the period. Finally, Alps Advisors Inc. grew its holdings in shares of Otis Worldwide by 20.4% during the 3rd quarter. Alps Advisors Inc. now owns 43,035 shares of the company’s stock worth $2,768,000 after purchasing an additional 7,277 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.1%

OTIS opened at $79.02 on Monday. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The business has a fifty day simple moving average of $70.37 and a 200-day simple moving average of $76.16. The firm has a market cap of $30.08 billion, a P/E ratio of 19.66, a P/E/G ratio of 2.86 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s payout ratio is currently 43.78%.

Insiders Place Their Bets

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the transaction, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. The trade was a 27.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, October 29th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research note on Tuesday, July 28th. Finally, Sanford C. Bernstein upped their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $91.20.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.