Hunter Associates Investment Management LLC Buys New Position in Otis Worldwide Corporation $OTIS

Hunter Associates Investment Management LLC bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 11,682 shares of the company’s stock, valued at approximately $1,026,000.

Several other large investors also recently added to or reduced their stakes in OTIS. Jones Financial Companies Lllp grew its position in Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after buying an additional 304 shares during the period. Empowered Funds LLC grew its position in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after buying an additional 857 shares during the period. Acadian Asset Management LLC grew its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after buying an additional 1,574 shares during the period. CW Advisors LLC grew its position in Otis Worldwide by 45.2% during the second quarter. CW Advisors LLC now owns 5,248 shares of the company’s stock valued at $520,000 after buying an additional 1,633 shares during the period. Finally, Baird Financial Group Inc. grew its position in Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after buying an additional 2,132 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value 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. The trade was a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $77.75 on Wednesday. The firm has a market cap of $30.22 billion, a P/E ratio of 22.22, a PEG ratio of 2.34 and a beta of 1.05. Otis Worldwide Corporation has a 1-year low of $75.27 and a 1-year high of $101.42. The company has a 50 day simple moving average of $85.77 and a two-hundred day simple moving average of $88.19.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Finally, Barclays dropped their price target on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating for the company in a research report on Wednesday, April 1st. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.