BTC Capital Management Inc. Purchases 11,524 Shares of Otis Worldwide Corporation $OTIS

BTC Capital Management Inc. grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 69,682 shares of the company’s stock after acquiring an additional 11,524 shares during the quarter. BTC Capital Management Inc.’s holdings in Otis Worldwide were worth $6,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. Norges Bank purchased a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $721,614,000. Marshall Wace LLP grew its holdings in Otis Worldwide by 5,291.5% during the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the period. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Qube Research & Technologies Ltd bought a new stake in Otis Worldwide during the 2nd quarter valued at approximately $114,319,000. Finally, Canoe Financial LP increased its holdings in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after acquiring an additional 940,862 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 2.3%

Shares of OTIS stock opened at $89.65 on Friday. The firm has a fifty day moving average price of $88.75 and a 200 day moving average price of $88.91. The company has a market cap of $34.85 billion, a P/E ratio of 25.61, a PEG ratio of 2.76 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is 48.00%.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 in the last quarter. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OTIS. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wells Fargo & Company cut 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 report on Monday, December 15th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. Finally, BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $101.44.

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.