Alberta Investment Management Corp Grows Stake in Otis Worldwide Corporation $OTIS

Alberta Investment Management Corp increased its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 4,636.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,400 shares of the company’s stock after purchasing an additional 115,900 shares during the period. Alberta Investment Management Corp’s holdings in Otis Worldwide were worth $10,825,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Oakworth Capital Inc. raised 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 valued at $31,000 after buying an additional 113 shares during the last quarter. Cookson Peirce & Co. Inc. grew its stake in Otis Worldwide by 1.8% during the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after acquiring an additional 115 shares in the last quarter. OLD National Bancorp IN grew its stake in Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after acquiring an additional 118 shares in the last quarter. PKS Advisory Services LLC increased its holdings in Otis Worldwide by 4.9% in the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after acquiring an additional 121 shares during the last quarter. Finally, Physician Wealth Advisors Inc. lifted its stake in Otis Worldwide by 57.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide 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 transaction, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $92.59 on Thursday. The company has a market cap of $35.99 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 2.78 and a beta of 1.01. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83. The stock’s 50 day simple moving average is $89.02 and its two-hundred day simple moving average is $89.04.

Otis Worldwide (NYSE:OTIS) last announced 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 firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide’s payout ratio is 48.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. Barclays increased their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $101.44.

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.