Pensionfund Sabic Makes New $1.14 Million Investment in Otis Worldwide Corporation $OTIS

Pensionfund Sabic bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 13,000 shares of the company’s stock, valued at approximately $1,136,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Alliancebernstein L.P. boosted its stake in shares of Otis Worldwide by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Otis Worldwide by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after acquiring an additional 322,255 shares in the last quarter. Norges Bank acquired a new stake in Otis Worldwide in the 2nd quarter worth approximately $721,614,000. Massachusetts Financial Services Co. MA boosted its position in Otis Worldwide by 2.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after purchasing an additional 181,739 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Otis Worldwide by 3.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock worth $436,866,000 after purchasing an additional 145,817 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.8%

Shares of NYSE OTIS opened at $78.59 on Thursday. The business’s 50 day moving average is $88.06 and its two-hundred day moving average is $88.93. The company has a market cap of $30.55 billion, a P/E ratio of 22.45, a P/E/G ratio of 2.35 and a beta of 1.00. Otis Worldwide Corporation has a 12 month low of $77.74 and a 12 month high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The company 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%.Otis Worldwide’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 earnings per share. Sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Otis Worldwide’s dividend payout ratio is 48.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTIS. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a report on Friday, January 30th. Finally, Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $101.44.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction 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. The trade was a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last quarter. Company insiders own 0.23% of the company’s stock.

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.