StoneRidge PMG Advisors LLC Purchases 7,553 Shares of Otis Worldwide Corporation $OTIS

StoneRidge PMG Advisors LLC purchased a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,553 shares of the company’s stock, valued at approximately $486,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Otis Worldwide during the 2nd quarter worth $2,264,017,000. State Street Corp raised its position in Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after purchasing an additional 463,491 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Otis Worldwide in the 2nd quarter valued at about $423,739,000. Van ECK Associates Corp boosted its stake in shares of Otis Worldwide by 0.6% in the 2nd quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock valued at $285,900,000 after buying an additional 24,914 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at about $223,003,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.1%

Shares of OTIS stock opened at $79.02 on Monday. The firm has a fifty day moving average price of $70.37 and a 200 day moving average price of $76.16. The company has a market cap of $30.08 billion, a P/E ratio of 19.66, a PEG ratio of 2.86 and a beta of 0.87. Otis Worldwide Corporation has a 12 month low of $63.58 and a 12 month high of $94.57.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. Otis Worldwide’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio is presently 43.78%.

Analyst Ratings Changes

A number of equities analysts have recently commented on OTIS shares. Wells Fargo & Company lowered their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Evercore reiterated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Finally, Sanford C. Bernstein lifted their price target on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $91.20.

Insider Activity at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This trade represents a 27.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.