HITE Hedge Asset Management LLC Purchases Shares of 54,321 Otis Worldwide Corporation $OTIS

HITE Hedge Asset Management LLC purchased a new position in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, HoldingsChannel.com reports. The fund purchased 54,321 shares of the company’s stock, valued at approximately $4,967,000.

A number of other hedge funds have also recently modified their holdings of OTIS. Root Financial Partners LLC bought a new position in shares of Otis Worldwide during the third quarter valued at about $26,000. Nemes Rush Group LLC grew its stake in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide in the third quarter worth about $31,000. Oakworth Capital Inc. increased its holdings in Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. increased its holdings in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $82.76 on Friday. The company has a 50-day simple moving average of $89.67 and a two-hundred day simple moving average of $89.29. The firm has a market capitalization of $32.17 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. Otis Worldwide Corporation has a one year low of $82.47 and a one year high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share 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 for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the business earned $0.93 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 issued a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s dividend payout ratio is 48.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Wells Fargo & Company reduced their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last ninety days. 0.23% of the stock is owned by company insiders.

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.