Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Xponance Inc.

Posted by Defense World Staff on Apr 3rd, 2023

Xponance Inc. raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 18.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,529 shares of the company’s stock after buying an additional 8,977 shares during the period. Xponance Inc.’s holdings in Otis Worldwide were worth $4,427,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Pathstone Family Office LLC raised its stake in shares of Otis Worldwide by 1.2% during the third quarter. Pathstone Family Office LLC now owns 11,758 shares of the company’s stock valued at $772,000 after purchasing an additional 135 shares during the period. Bank of The West increased its stake in Otis Worldwide by 4.3% during the 3rd quarter. Bank of The West now owns 3,807 shares of the company’s stock worth $243,000 after buying an additional 157 shares during the period. Security National Bank of SO Dak increased its stake in Otis Worldwide by 2.0% during the 3rd quarter. Security National Bank of SO Dak now owns 8,083 shares of the company’s stock worth $516,000 after buying an additional 158 shares during the period. IMA Wealth Inc. increased its stake in Otis Worldwide by 1.6% during the 2nd quarter. IMA Wealth Inc. now owns 10,564 shares of the company’s stock worth $747,000 after buying an additional 166 shares during the period. Finally, J.W. Cole Advisors Inc. increased its stake in Otis Worldwide by 3.3% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 5,219 shares of the company’s stock worth $333,000 after buying an additional 166 shares during the period. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In related news, insider James F. Cramer sold 700 shares of the business’s stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $83.97, for a total transaction of $58,779.00. Following the completion of the sale, the insider now owns 5,037 shares of the company’s stock, valued at approximately $422,956.89. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider James F. Cramer sold 700 shares of the company’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $83.97, for a total transaction of $58,779.00. Following the completion of the transaction, the insider now directly owns 5,037 shares in the company, valued at approximately $422,956.89. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 16,005 shares of the company’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $84.26, for a total value of $1,348,581.30. Following the transaction, the insider now owns 21,161 shares of the company’s stock, valued at $1,783,025.86. The disclosure for this sale can be found here. Insiders sold a total of 32,777 shares of company stock valued at $2,759,404 in the last quarter. Insiders own 0.11% of the company’s stock.

Otis Worldwide Trading Up 1.5 %

Shares of NYSE OTIS opened at $84.40 on Monday. Otis Worldwide Co. has a twelve month low of $62.49 and a twelve month high of $87.33. The company has a market capitalization of $35.02 billion, a price-to-earnings ratio of 28.42 and a beta of 0.93. The business has a 50 day simple moving average of $83.14 and a 200-day simple moving average of $77.32.

Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the previous year, the business earned $0.72 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities analysts predict that Otis Worldwide Co. will post 3.43 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Thursday, February 16th. Otis Worldwide’s dividend payout ratio is presently 39.06%.

Analyst Ratings Changes

Several research firms recently issued reports on OTIS. Barclays lifted their price target on shares of Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. Morgan Stanley lifted their price objective on Otis Worldwide from $84.00 to $89.00 and gave the stock an “equal weight” rating in a report on Thursday, February 2nd. Wells Fargo & Company lifted their price objective on Otis Worldwide from $76.00 to $82.00 and gave the stock an “underweight” rating in a report on Thursday, February 2nd. TheStreet upgraded Otis Worldwide from a “d+” rating to a “c+” rating in a report on Monday, March 20th. Finally, Cowen lifted their price objective on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Otis Worldwide Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.