Elo Mutual Pension Insurance Co Raises Position in Otis Worldwide Corporation $OTIS

Elo Mutual Pension Insurance Co increased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 33.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 70,339 shares of the company’s stock after purchasing an additional 17,753 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $6,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Vanguard Group Inc. lifted its position 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 valued at $4,811,100,000 after buying an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. raised its stake in Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after acquiring an additional 603,860 shares during the period. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after purchasing an additional 129,458 shares during the last quarter. Norges Bank bought a new position in Otis Worldwide during the second quarter worth about $721,614,000. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 2.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after purchasing an additional 181,739 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS opened at $93.65 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The company has a market capitalization of $36.41 billion, a P/E ratio of 26.76, a P/E/G ratio of 2.79 and a beta of 1.00. The firm’s 50 day simple moving average is $89.62 and its 200 day simple moving average is $89.31.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. 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 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. 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 will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given 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 1.8%. Otis Worldwide’s payout ratio is presently 48.00%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company decreased their price objective 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. 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. Finally, Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

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.