Otis Worldwide Corporation $OTIS Shares Acquired by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 54.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,890,482 shares of the company’s stock after purchasing an additional 1,013,876 shares during the period. CIBC Private Wealth Group LLC owned about 0.74% of Otis Worldwide worth $264,277,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Root Financial Partners LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth approximately $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $27,000. Nemes Rush Group LLC lifted its position 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 valued at $31,000 after acquiring an additional 135 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Otis Worldwide in the third quarter valued at approximately $31,000. Finally, Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.7%

Shares of NYSE:OTIS opened at $84.19 on Wednesday. Otis Worldwide Corporation has a 52-week low of $82.47 and a 52-week high of $105.95. The stock has a market cap of $32.72 billion, a P/E ratio of 24.05, a PEG ratio of 2.52 and a beta of 1.00. The business has a fifty day moving average of $89.34 and a two-hundred day moving average of $89.25.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide’s payout ratio is 48.00%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction that occurred on 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 sale, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. The trade was a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

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.