CenterBook Partners LP Raises Holdings in Otis Worldwide Corporation $OTIS

CenterBook Partners LP grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 270.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,745 shares of the company’s stock after acquiring an additional 10,770 shares during the quarter. CenterBook Partners LP’s holdings in Otis Worldwide were worth $1,348,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Otis Worldwide in the second quarter valued at about $721,614,000. Marshall Wace LLP grew its position in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after buying an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in Otis Worldwide during the second quarter valued at approximately $114,319,000. Finally, Canoe Financial LP boosted its stake in Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after acquiring an additional 940,862 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on OTIS shares. BNP Paribas Exane raised 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. 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 report on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the transaction, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. The trade was a 62.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last ninety days. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $92.66 on Friday. 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 capitalization of $36.02 billion, a PE ratio of 26.47, a P/E/G ratio of 2.80 and a beta of 1.01. The stock’s 50-day simple moving average is $89.22 and its 200-day simple moving average is $89.12.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting 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 analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Company 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.