Varma Mutual Pension Insurance Co Boosts Holdings in Otis Worldwide Corporation $OTIS

Varma Mutual Pension Insurance Co increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 58.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 128,242 shares of the company’s stock after buying an additional 47,300 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $11,725,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the third quarter valued at about $26,000. Chilton Capital Management LLC acquired a new stake in Otis Worldwide during the 2nd quarter valued at approximately $31,000. Nemes Rush Group LLC grew its stake in Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $31,000. Finally, Oakworth Capital Inc. grew 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 worth $31,000 after buying an additional 113 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 110,069 shares of company stock worth $9,914,801. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. Three equities 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. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Up 2.5%

OTIS opened at $91.67 on Friday. The company’s 50-day moving average price is $88.68 and its 200 day moving average price is $88.90. Otis Worldwide Corporation has a fifty-two week low of $84.00 and a fifty-two week high of $106.83. The firm has a market cap of $35.63 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 2.69 and a beta of 1.01.

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

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

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.