775,000 Shares in Otis Worldwide Corporation $OTIS Purchased by Cartenna Capital LP

Cartenna Capital LP purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 775,000 shares of the company’s stock, valued at approximately $70,858,000. Otis Worldwide makes up approximately 2.0% of Cartenna Capital LP’s holdings, making the stock its 14th biggest holding. Cartenna Capital LP owned approximately 0.20% of Otis Worldwide at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Oakworth Capital Inc. increased its position in shares of Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. grew 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 buying an additional 115 shares in the last quarter. OLD National Bancorp IN raised its position 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 valued at $205,000 after buying an additional 118 shares during the last quarter. PKS Advisory Services LLC raised its position in shares of 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 buying an additional 121 shares during the last quarter. Finally, Physician Wealth Advisors Inc. lifted its stake in shares of Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after buying an additional 124 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reissued 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. Finally, JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. 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.com, the company presently has a consensus rating of “Hold” and a consensus price target of $101.44.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the transaction, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction 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 owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $83.17 on Friday. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.50 and a beta of 1.00. The company’s 50-day moving average is $89.57 and its two-hundred day moving average is $89.28. Otis Worldwide Corporation has a 1-year low of $82.47 and a 1-year high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced 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 business had revenue of $3.80 billion during 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%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 EPS. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.0%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

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.