Avity Investment Management Inc. Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Avity Investment Management Inc. boosted its stake in Otis Worldwide Co. (NYSE:OTISFree Report) by 11.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,882 shares of the company’s stock after buying an additional 300 shares during the quarter. Avity Investment Management Inc.’s holdings in Otis Worldwide were worth $258,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Naples Global Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter valued at about $203,000. Radnor Capital Management LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $217,000. BKM Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $161,000. Raymond James Trust N.A. lifted its stake in Otis Worldwide by 5.8% in the 4th quarter. Raymond James Trust N.A. now owns 12,000 shares of the company’s stock worth $1,074,000 after purchasing an additional 656 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its stake in Otis Worldwide by 7.5% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,654 shares of the company’s stock worth $320,000 after purchasing an additional 254 shares in the last quarter. 85.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, UBS Group lifted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $92.29.

Read Our Latest Stock Report on OTIS

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s 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 completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.46 during trading on Wednesday, hitting $99.30. 1,709,619 shares of the stock traded hands, compared to its average volume of 2,147,811. The firm has a market capitalization of $40.26 billion, a P/E ratio of 29.30 and a beta of 1.01. The firm’s fifty day moving average price is $91.88 and its 200-day moving average price is $86.33. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $99.44.

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

Otis Worldwide Dividend Announcement

The business 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 1.37%. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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