Otis Worldwide Co. (NYSE:OTIS) Stock Position Raised by Cwm LLC

Posted by Defense World Staff on Apr 22nd, 2023

Cwm LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 4.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,191 shares of the company’s stock after acquiring an additional 504 shares during the period. Cwm LLC’s holdings in Otis Worldwide were worth $876,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. American Century Companies Inc. increased its holdings in shares of Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after acquiring an additional 620 shares during the period. Cibc World Market Inc. increased its stake in shares of Otis Worldwide by 3.0% in the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock valued at $898,000 after purchasing an additional 338 shares during the period. Moors & Cabot Inc. raised its holdings in shares of Otis Worldwide by 7.7% during the first quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock valued at $506,000 after buying an additional 469 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Otis Worldwide by 25.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after buying an additional 715 shares during the period. Finally, Brighton Jones LLC grew its holdings in Otis Worldwide by 5.0% in the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Cowen boosted their price target on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $82.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, April 13th. Barclays lowered their target price on shares of Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 6th. TheStreet raised shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research note on Monday, March 20th. Finally, Morgan Stanley raised their price objective on shares of Otis Worldwide from $89.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $80.27.

Otis Worldwide Stock Performance

NYSE OTIS opened at $82.73 on Friday. Otis Worldwide Co. has a 1 year low of $62.49 and a 1 year high of $87.33. The business’s fifty day moving average is $82.66 and its two-hundred day moving average is $78.71. The stock has a market capitalization of $34.19 billion, a P/E ratio of 27.86 and a beta of 0.92.

Otis Worldwide (NYSE:OTIS – Get Rating) last announced its earnings results on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, research analysts forecast that Otis Worldwide Co. will post 3.43 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 17th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, February 16th. Otis Worldwide’s payout ratio is 39.06%.

Insider Transactions at Otis Worldwide

In related news, insider Fernandez Bernardo Calleja sold 703 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $86.85, for a total value of $61,055.55. Following the completion of the sale, the insider now owns 22,215 shares in the company, valued at approximately $1,929,372.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Otis Worldwide news, insider James F. Cramer sold 700 shares of Otis Worldwide stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $83.97, for a total transaction of $58,779.00. Following the transaction, the insider now owns 5,037 shares of the company’s stock, valued at approximately $422,956.89. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Fernandez Bernardo Calleja sold 703 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $86.85, for a total transaction of $61,055.55. Following the completion of the sale, the insider now directly owns 22,215 shares of the company’s stock, valued at $1,929,372.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,777 shares of company stock valued at $2,759,404 over the last ninety days. Corporate insiders own 0.11% of the company’s stock.

About Otis Worldwide

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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.