ICICI Prudential Asset Management Co Ltd Purchases New Stake in Otis Worldwide Corporation $OTIS

ICICI Prudential Asset Management Co Ltd acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 36,000 shares of the company’s stock, valued at approximately $3,291,000.

Several other institutional investors have also modified their holdings of OTIS. Root Financial Partners LLC acquired a new stake in Otis Worldwide during the third quarter worth about $26,000. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide in the 2nd quarter valued at $31,000. Nemes Rush Group LLC grew its position in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the third quarter worth about $31,000. Finally, Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% in the third 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. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday, January 30th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $101.44.

Insiders Place Their Bets

In related news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 0.3%

Otis Worldwide stock opened at $93.01 on Friday. The stock has a market capitalization of $36.15 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 2.79 and a beta of 1.01. The stock has a 50 day moving average of $89.13 and a two-hundred day moving average of $89.07. Otis Worldwide Corporation has a twelve month low of $84.00 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates 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 last year, the firm posted $0.93 EPS. Otis Worldwide’s quarterly revenue was up 3.3% on a year-over-year basis. Equities analysts predict 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 paid a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s payout ratio is 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.