Caprock Group LLC Purchases New Stake in Otis Worldwide Corporation $OTIS

Caprock Group LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,304 shares of the company’s stock, valued at approximately $982,000.

Several other institutional investors have also recently bought and sold shares of the business. Allied Investment Advisors LLC lifted its holdings in Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares in the last quarter. Pinnacle Financial Partners Inc increased its position in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after buying an additional 12,721 shares during the period. Atlantic Union Bankshares Corp increased its position in shares of Otis Worldwide by 48.2% during the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after buying an additional 18,881 shares during the period. Natixis lifted its holdings in shares of Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after buying an additional 58,286 shares in the last quarter. Finally, Carnegie Investment Counsel boosted its position in shares of Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after acquiring an additional 38,931 shares during the period. 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 company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This 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, EVP Neil Green sold 6,000 shares of the 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 transaction, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

NYSE OTIS opened at $89.65 on Monday. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83. The company has a fifty day moving average of $88.75 and a 200-day moving average of $88.94. The company has a market capitalization of $34.85 billion, a P/E ratio of 25.61, a P/E/G ratio of 2.70 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share 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 business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the business posted $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a report on Friday, January 30th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Finally, Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.44.

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.