Amiral Gestion Takes Position in Otis Worldwide Corporation $OTIS

Amiral Gestion acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 61,731 shares of the company’s stock, valued at approximately $5,392,000. Otis Worldwide accounts for about 2.0% of Amiral Gestion’s portfolio, making the stock its 15th largest holding.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTIS. Allied Investment Advisors LLC boosted its position in Otis Worldwide by 6.0% in the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after buying an additional 6,770 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Otis Worldwide by 54.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock worth $264,277,000 after acquiring an additional 1,013,876 shares in the last quarter. Pinnacle Financial Partners Inc. grew its position in Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares during the last quarter. Natixis increased its holdings in Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares in the last quarter. Finally, Carnegie Investment Counsel increased its holdings in Otis Worldwide by 19.9% during the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after purchasing an additional 38,931 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.8%

Shares of OTIS opened at $76.03 on Friday. Otis Worldwide Corporation has a twelve month low of $75.90 and a twelve month high of $105.95. The stock has a market capitalization of $29.55 billion, a P/E ratio of 21.72, a P/E/G ratio of 2.33 and a beta of 1.00. The company has a 50 day moving average of $87.52 and a 200-day moving average of $88.77.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s payout ratio is 48.00%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OTIS shares. Wells Fargo & Company reduced their price target on shares of 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. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $101.44.

Insider Buying and Selling

In other news, 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 completion of the transaction, the insider owned 29,176 shares of the company’s stock, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

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.