Mirabella Financial Services LLP Acquires New Holdings in Otis Worldwide Corporation $OTIS

Mirabella Financial Services LLP bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,100 shares of the company’s stock, valued at approximately $1,563,000.

Several other institutional investors also recently modified their holdings of the stock. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $26,000. Stance Capital LLC bought a new stake in Otis Worldwide during the 3rd quarter worth $27,000. Nemes Rush Group LLC increased its holdings in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide in the 3rd quarter worth about $31,000. Finally, Oakworth Capital Inc. raised its position in 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 last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. BNP Paribas Exane raised 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. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. downgraded shares of 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, Wells Fargo & Company reduced their target price 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. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Trading Up 2.2%

Shares of OTIS opened at $80.22 on Friday. The company has a market capitalization of $31.18 billion, a PE ratio of 22.92, a PEG ratio of 2.36 and a beta of 1.00. Otis Worldwide Corporation has a 12 month low of $78.25 and a 12 month high of $105.95. The stock’s 50-day moving average price is $88.94 and its two-hundred day moving average price is $89.11.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the company posted $0.93 EPS. The business’s revenue was up 3.3% on a year-over-year basis. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.1%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insider Activity

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction 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 approximately $326,175.85. This represents a 61.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by company insiders.

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.