First Trust Advisors LP Has $47.04 Million Position in Otis Worldwide Corporation $OTIS

First Trust Advisors LP lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 514,519 shares of the company’s stock after purchasing an additional 13,986 shares during the quarter. First Trust Advisors LP’s holdings in Otis Worldwide were worth $47,042,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of OTIS. Neo Ivy Capital Management bought a new stake in Otis Worldwide during the 3rd quarter worth about $330,000. Intellectus Partners LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $291,000. Gabelli Funds LLC increased its position in shares of Otis Worldwide by 9.2% in the third quarter. Gabelli Funds LLC now owns 4,915 shares of the company’s stock valued at $449,000 after acquiring an additional 415 shares during the last quarter. Aptus Capital Advisors LLC increased its position in shares of Otis Worldwide by 4.4% in the third quarter. Aptus Capital Advisors LLC now owns 5,486 shares of the company’s stock valued at $502,000 after acquiring an additional 231 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC bought a new stake in Otis Worldwide during the third quarter worth about $696,000. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on OTIS shares. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. New Street Research set a $98.00 price objective on Otis Worldwide in a report on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday, December 9th. Wall Street Zen downgraded shares of 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 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 investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $101.44.

Insider Transactions at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was 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 directly owned 3,773 shares in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $84.66 on Thursday. Otis Worldwide Corporation has a one year low of $83.42 and a one year high of $105.95. The company has a market cap of $32.91 billion, a P/E ratio of 24.19, a P/E/G ratio of 2.59 and a beta of 1.00. The firm’s fifty day moving average price is $89.76 and its two-hundred day moving average price is $89.34.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company 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 dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

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.