Otis Worldwide Corporation $OTIS Shares Purchased by Boothbay Fund Management LLC

Boothbay Fund Management LLC boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 4,954.7% in the third quarter, Holdings Channel reports. The fund owned 106,300 shares of the company’s stock after buying an additional 104,197 shares during the quarter. Boothbay Fund Management LLC’s holdings in Otis Worldwide were worth $9,719,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Oakworth Capital Inc. raised its stake in shares of Otis Worldwide by 49.1% during 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. Cookson Peirce & Co. Inc. lifted its position in shares of Otis Worldwide by 1.8% during the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after purchasing an additional 115 shares in the last quarter. OLD National Bancorp IN boosted its stake in shares of Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after purchasing an additional 118 shares during the period. PKS Advisory Services LLC grew its holdings in Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after purchasing an additional 121 shares in the last quarter. Finally, Physician Wealth Advisors Inc. grew its holdings in 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. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. 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 note on Tuesday, December 9th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $101.44.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide 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 transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were 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 owned 3,773 shares of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Price Performance

OTIS opened at $83.17 on Friday. Otis Worldwide Corporation has a 12-month low of $82.47 and a 12-month high of $105.95. The stock has a market capitalization of $32.33 billion, a PE ratio of 23.76, a P/E/G ratio of 2.50 and a beta of 1.00. The firm’s fifty day moving average price is $89.57 and its 200 day moving average price is $89.28.

Otis Worldwide (NYSE:OTIS) last announced 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 company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. On average, 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 declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) 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.