PineStone Asset Management Inc. Buys 163,476 Shares of Otis Worldwide Corporation $OTIS

PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,679,997 shares of the company’s stock after buying an additional 163,476 shares during the quarter. Otis Worldwide comprises 2.5% of PineStone Asset Management Inc.’s portfolio, making the stock its 13th largest holding. PineStone Asset Management Inc. owned approximately 1.20% of Otis Worldwide worth $408,798,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in Otis Worldwide during the third quarter valued at approximately $26,000. Stance Capital LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $27,000. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the 3rd quarter valued at $31,000. Oakworth Capital Inc. boosted its holdings in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. grew its position in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the 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 sale, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Wells Fargo & Company dropped their price target on 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. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Up 0.9%

OTIS opened at $77.04 on Wednesday. Otis Worldwide Corporation has a 12 month low of $75.27 and a 12 month high of $105.95. The business’s 50-day moving average price is $87.02 and its 200-day moving average price is $88.60. The company has a market cap of $29.95 billion, a P/E ratio of 22.01, a P/E/G ratio of 2.31 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.