6,820 Otis Worldwide Corporation $OTIS Shares Purchased by DMKC Advisory Services LLC

DMKC Advisory Services LLC increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 17.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,207 shares of the company’s stock after buying an additional 6,820 shares during the period. DMKC Advisory Services LLC’s holdings in Otis Worldwide were worth $2,908,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Otis Worldwide in the second quarter valued at $2,264,017,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Otis Worldwide in the second quarter worth about $423,739,000. Canada Pension Plan Investment Board acquired a new position in shares of Otis Worldwide in the second quarter worth about $223,003,000. Bank of New York Mellon Corp purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth about $196,298,000. Finally, Bank of America Corp DE purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth about $189,233,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the sale, the insider owned 2,155 shares in the company, valued at $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $78.85 on Tuesday. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57. The firm has a market capitalization of $30.02 billion, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 2.89 and a beta of 0.87. The business’s 50 day moving average price is $70.51 and its 200-day moving average price is $76.11.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. The firm had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 EPS. On average, sell-side analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OTIS shares. Sanford C. Bernstein raised their target price on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Wells Fargo & Company cut their price target on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, October 29th. Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research report on Tuesday, July 28th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $91.20.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.