WINTON GROUP Ltd Acquires New Position in Otis Worldwide Corporation $OTIS

WINTON GROUP Ltd bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 27,700 shares of the company’s stock, valued at approximately $2,533,000.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $26,000. Nemes Rush Group LLC boosted its stake 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 buying an additional 135 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide in the 3rd quarter valued at $31,000. Oakworth Capital Inc. grew its holdings 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 buying an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. increased its stake in shares of Otis Worldwide by 57.7% in 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 during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on OTIS. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. 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. Wells Fargo & Company reduced their target price on shares of 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. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three 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 stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Stock Down 1.7%

NYSE:OTIS opened at $86.11 on Wednesday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $105.95. The company has a market capitalization of $33.47 billion, a P/E ratio of 24.60, a P/E/G ratio of 2.64 and a beta of 1.00. The stock’s fifty day moving average is $89.82 and its two-hundred day moving average is $89.37.

Otis Worldwide (NYSE:OTIS) last released 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 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 was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is 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 presently 48.00%.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

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.