State of New Jersey Common Pension Fund D Has $12.43 Million Position in Otis Worldwide Corporation $OTIS

State of New Jersey Common Pension Fund D boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 5.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,939 shares of the company’s stock after buying an additional 7,078 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Otis Worldwide were worth $12,429,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Oakworth Capital Inc. increased its position in 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 period. Cookson Peirce & Co. Inc. lifted its holdings in shares of Otis Worldwide by 1.8% during the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after purchasing an additional 115 shares during the period. OLD National Bancorp IN grew its stake in shares of Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after purchasing an additional 118 shares during the last quarter. PKS Advisory Services LLC increased its holdings in Otis Worldwide by 4.9% in the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after purchasing an additional 121 shares during the period. Finally, Physician Wealth Advisors Inc. increased its holdings in Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OTIS shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company cut their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Barclays boosted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, 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 SEC, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction that occurred on 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 directly owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last three months. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $89.65 on Tuesday. The stock has a market capitalization of $34.85 billion, a P/E ratio of 25.61, a P/E/G ratio of 2.70 and a beta of 1.01. The business has a 50 day simple moving average of $88.82 and a 200 day simple moving average of $88.97. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Otis Worldwide Company 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.