Otis Worldwide Corporation $OTIS Position Raised by BTC Capital Management Inc.

BTC Capital Management Inc. raised its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 19.8% in the third quarter, Holdings Channel.com reports. The fund owned 69,682 shares of the company’s stock after acquiring an additional 11,524 shares during the period. BTC Capital Management Inc.’s holdings in Otis Worldwide were worth $6,371,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $26,000. Chilton Capital Management LLC acquired a new stake in Otis Worldwide in the second quarter valued at approximately $31,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at about $31,000. Finally, Westside Investment Management Inc. lifted its stake 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 last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $89.65 on Friday. The firm has a 50-day moving average of $88.75 and a 200-day moving average of $88.91. The company has a market cap of $34.85 billion, a price-to-earnings ratio of 25.61, a P/E/G ratio of 2.76 and a beta of 1.01. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share 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 company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business earned $0.93 EPS. Otis Worldwide’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In 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 company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on OTIS shares. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company cut 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 note on Monday, December 15th. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Company 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.