GAMMA Investing LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,066 shares of the company’s stock, valued at approximately $183,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth about $30,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the third quarter worth about $33,000. Finally, CNB Bank grew its position in shares of Otis Worldwide by 81.0% during the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on OTIS shares. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Down 0.9 %

OTIS opened at $92.18 on Friday. The stock’s fifty day moving average is $96.44 and its two-hundred day moving average is $89.35. The company has a market capitalization of $37.26 billion, a P/E ratio of 26.64 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.