GAMMA Investing LLC Buys 2,720 Shares of Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 100.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,415 shares of the company’s stock after buying an additional 2,720 shares during the period. GAMMA Investing LLC’s holdings in Otis Worldwide were worth $521,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth approximately $628,855,000. PineStone Asset Management Inc. lifted its holdings in Otis Worldwide by 17.4% in the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after purchasing an additional 494,460 shares in the last quarter. Sarasin & Partners LLP grew its holdings in Otis Worldwide by 11.2% during the 1st quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after buying an additional 328,539 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after buying an additional 126,684 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Argus upped their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.83.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded down $0.01 during mid-day trading on Friday, hitting $94.29. 3,107,146 shares of the company’s stock traded hands, compared to its average volume of 2,434,203. The company has a market capitalization of $38.12 billion, a P/E ratio of 27.25 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The company’s 50-day moving average is $96.82 and its two-hundred day moving average is $95.41.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 earnings per share. Equities analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

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.