Otis Worldwide Corporation $OTIS Shares Acquired by Louisbourg Investments Inc.

Louisbourg Investments Inc. lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 29.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 76,277 shares of the company’s stock after purchasing an additional 17,146 shares during the period. Otis Worldwide comprises about 1.2% of Louisbourg Investments Inc.’s holdings, making the stock its 28th largest position. Louisbourg Investments Inc.’s holdings in Otis Worldwide were worth $6,663,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC acquired a new stake in Otis Worldwide in the third quarter valued at $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $27,000. Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $31,000. Oakworth Capital Inc. increased its holdings in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the last quarter. Finally, Physician Wealth Advisors Inc. raised its position in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.7%

Shares of OTIS opened at $78.00 on Friday. The firm has a market cap of $30.32 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 2.32 and a beta of 1.05. The company’s 50 day simple moving average is $86.54 and its 200-day simple moving average is $88.45. Otis Worldwide Corporation has a 12-month low of $75.27 and a 12-month high of $105.95.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 net margin of 9.59% and a negative return on equity of 30.42%. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm posted $0.93 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend 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 (DPR) is currently 48.00%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Barclays cut their price objective on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a report on Wednesday. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Three 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 stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $98.78.

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.