Oak Thistle LLC Invests $2.28 Million in Otis Worldwide Co. (NYSE:OTIS)

Oak Thistle LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,651 shares of the company’s stock, valued at approximately $2,283,000. Otis Worldwide accounts for about 0.7% of Oak Thistle LLC’s holdings, making the stock its 14th biggest position.

Other large investors have also bought and sold shares of the company. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Cranbrook Wealth Management LLC raised its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $29,000. Finally, Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OTIS shares. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Finally, Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.50.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $91.72 on Wednesday. The firm has a 50 day simple moving average of $97.23 and a 200 day simple moving average of $97.34. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The stock has a market cap of $36.64 billion, a P/E ratio of 22.87 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the business earned $0.95 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.