Oak Thistle LLC Buys Shares of 23,428 Otis Worldwide Corporation $OTIS

Oak Thistle LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,428 shares of the company’s stock, valued at approximately $2,046,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hunter Associates Investment Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth about $1,026,000. Azzad Asset Management Inc. ADV raised its position in Otis Worldwide by 1.6% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 9,368 shares of the company’s stock worth $818,000 after acquiring an additional 145 shares in the last quarter. Apella Capital LLC bought a new stake in Otis Worldwide in the fourth quarter worth about $260,000. Flagship Harbor Advisors LLC raised its position in Otis Worldwide by 11.2% in the fourth quarter. Flagship Harbor Advisors LLC now owns 3,033 shares of the company’s stock worth $265,000 after acquiring an additional 306 shares in the last quarter. Finally, Y.D. More Investments Ltd bought a new stake in Otis Worldwide in the fourth quarter worth about $1,190,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays dropped their price target on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 1st. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Friday, March 27th. Finally, Wells Fargo & Company cut their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $98.78.

Otis Worldwide Price Performance

Shares of OTIS opened at $77.75 on Wednesday. The company has a market capitalization of $30.22 billion, a price-to-earnings ratio of 22.22, a P/E/G ratio of 2.34 and a beta of 1.05. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $101.42. The business’s 50-day moving average is $85.77 and its 200-day moving average is $88.19.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 56,107 shares of the business’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 value of $5,099,565.23. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last quarter. Company insiders own 0.23% of the company’s stock.

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.