BNP Paribas Has $4.58 Million Stock Holdings in Otis Worldwide Corporation $OTIS

BNP Paribas decreased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 13.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,276 shares of the company’s stock after selling 7,851 shares during the quarter. BNP Paribas’ holdings in Otis Worldwide were worth $4,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of OTIS. Allied Investment Advisors LLC grew its position in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares in the last quarter. Pinnacle Financial Partners Inc. boosted its position in shares of Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares during the period. Natixis boosted its position in shares of Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after buying an additional 58,286 shares during the period. Carnegie Investment Counsel grew its holdings in shares of Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares in the last quarter. Finally, Canoe Financial LP grew its holdings in shares of Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after buying an additional 940,862 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.6%

OTIS opened at $83.17 on Friday. The stock has a market cap of $32.33 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a 1 year low of $82.47 and a 1 year high of $105.95. The stock has a fifty day moving average price of $89.57 and a 200 day moving average price of $89.28.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $0.93 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, sell-side 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 disclosed 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 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insider Transactions at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the firm’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 transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction that occurred 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 sale, 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 SEC filing for this sale provides additional information. Over the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OTIS shares. 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 report on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. New Street Research set a $98.00 target price on Otis Worldwide in a report on Friday, January 30th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $101.44.

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.