NEOS Investment Management LLC Has $4.42 Million Position in Otis Worldwide Corporation $OTIS

NEOS Investment Management LLC boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 44.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,351 shares of the company’s stock after purchasing an additional 14,808 shares during the quarter. NEOS Investment Management LLC’s holdings in Otis Worldwide were worth $4,421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Allied Investment Advisors LLC grew its holdings in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after acquiring an additional 6,770 shares during the last quarter. Pinnacle Financial Partners Inc. lifted its holdings in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares during the period. Atlantic Union Bankshares Corp grew its stake in shares of Otis Worldwide by 48.2% in the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after purchasing an additional 18,881 shares during the last quarter. Natixis increased its holdings in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares during the period. Finally, Carnegie Investment Counsel increased its holdings in Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after purchasing an additional 38,931 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.3%

NYSE OTIS opened at $93.01 on Friday. The company has a market cap of $36.15 billion, a price-to-earnings ratio of 26.57, a P/E/G ratio of 2.79 and a beta of 1.01. The business has a 50 day moving average price of $89.13 and a 200-day moving average price of $89.07. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week 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. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.93 earnings per share. On average, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm 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 $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. Wells Fargo & Company cut their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Barclays upped their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $101.44.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was 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 directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 over the last 90 days. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.