Procyon Advisors LLC Has $2.87 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Procyon Advisors LLC lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 119.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,857 shares of the company’s stock after purchasing an additional 17,912 shares during the period. Procyon Advisors LLC’s holdings in Otis Worldwide were worth $2,870,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Oakworth Capital Inc. grew its position in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after buying an additional 113 shares during the period. Cookson Peirce & Co. Inc. lifted its position in shares of Otis Worldwide by 1.8% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after acquiring an additional 115 shares during the period. OLD National Bancorp IN boosted its stake in Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after acquiring an additional 118 shares in the last quarter. Physician Wealth Advisors Inc. boosted its stake in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares in the last quarter. Finally, Cary Street Partners Financial LLC grew its holdings in Otis Worldwide by 2.6% in the third quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company’s stock worth $472,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction 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 transaction, the insider directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was 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 of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 in the last 90 days. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $79.49 on Monday. The stock has a 50 day moving average price of $88.73 and a two-hundred day moving average price of $89.11. The firm has a market capitalization of $30.90 billion, a P/E ratio of 22.71, a P/E/G ratio of 2.39 and a beta of 1.00. Otis Worldwide Corporation has a 52 week low of $78.25 and a 52 week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. The company 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 revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed 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 was Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.1%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research analyst reports. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Finally, Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three equities 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 company’s stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $101.44.

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.