ING Groep NV Takes $8.30 Million Position in Otis Worldwide Corporation $OTIS

ING Groep NV purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 90,738 shares of the company’s stock, valued at approximately $8,296,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its holdings in shares of Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after buying an additional 304 shares in the last quarter. Empowered Funds LLC boosted its position in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after acquiring an additional 857 shares during the last quarter. Acadian Asset Management LLC boosted its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after acquiring an additional 1,574 shares during the last quarter. Blair William & Co. IL grew its stake in Otis Worldwide by 14.4% during the 2nd quarter. Blair William & Co. IL now owns 24,770 shares of the company’s stock valued at $2,453,000 after acquiring an additional 3,121 shares in the last quarter. Finally, Apollon Wealth Management LLC raised its holdings in Otis Worldwide by 47.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 11,697 shares of the company’s stock valued at $1,158,000 after acquiring an additional 3,783 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 110,069 shares of company stock valued at $9,914,801. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on OTIS shares. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research note on Friday, January 30th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Three equities research 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 MarketBeat, the company has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Down 0.7%

Shares of Otis Worldwide stock opened at $89.39 on Thursday. The firm has a market cap of $34.75 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 2.71 and a beta of 1.01. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The business’s fifty day simple moving average is $88.59 and its 200-day simple moving average is $88.88.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting 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 firm 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 firm earned $0.93 EPS. Otis Worldwide’s revenue was up 3.3% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is currently 48.00%.

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.