18,060 Shares in Otis Worldwide Corporation $OTIS Bought by Inceptionr LLC

Inceptionr LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 18,060 shares of the company’s stock, valued at approximately $1,651,000. Otis Worldwide makes up about 0.4% of Inceptionr LLC’s investment portfolio, making the stock its 29th largest holding.

Several other large investors have also recently bought and sold shares of OTIS. Diversify Advisory Services LLC bought a new stake in shares of Otis Worldwide during the third quarter worth about $202,000. B. Metzler seel. Sohn & Co. AG raised its holdings in Otis Worldwide by 1.3% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 40,047 shares of the company’s stock valued at $3,661,000 after buying an additional 503 shares during the last quarter. CreativeOne Wealth LLC boosted its position in Otis Worldwide by 12.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 3,078 shares of the company’s stock worth $281,000 after buying an additional 331 shares during the period. Natixis Advisors LLC grew its holdings in Otis Worldwide by 9.7% during the 3rd quarter. Natixis Advisors LLC now owns 376,421 shares of the company’s stock worth $34,416,000 after acquiring an additional 33,263 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Otis Worldwide by 2.8% during the 3rd quarter. First Trust Advisors LP now owns 514,519 shares of the company’s stock worth $47,042,000 after acquiring an additional 13,986 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $89.15 on Monday. The company has a market capitalization of $34.65 billion, a P/E ratio of 25.47, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83. The company’s 50 day moving average price is $89.87 and its 200-day moving average price is $89.39.

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, hitting 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 company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company posted $0.93 earnings per share. Otis Worldwide’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OTIS shares. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research note on Friday, January 30th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, 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. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.44.

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.