Quantbot Technologies LP Has $14.29 Million Position in Otis Worldwide Corporation $OTIS

Quantbot Technologies LP boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 61.1% in the third quarter, HoldingsChannel reports. The firm owned 156,307 shares of the company’s stock after purchasing an additional 59,260 shares during the quarter. Otis Worldwide accounts for about 0.4% of Quantbot Technologies LP’s holdings, making the stock its 29th largest holding. Quantbot Technologies LP’s holdings in Otis Worldwide were worth $14,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of OTIS. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth about $26,000. Nemes Rush Group LLC lifted its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $31,000. Oakworth Capital Inc. grew its position in shares of 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. Finally, Physician Wealth Advisors Inc. increased its stake in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $4,422,834.00. Following the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last quarter. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

Shares of OTIS opened at $92.33 on Friday. The stock has a fifty day moving average of $89.49 and a 200-day moving average of $89.26. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The stock has a market capitalization of $35.89 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 2.76 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the firm posted $0.93 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Analysts Set New Price Targets

A number of brokerages have commented on OTIS. Wells Fargo & Company decreased their price objective 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. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.