Otis Worldwide Corporation $OTIS Shares Bought by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 58.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 128,242 shares of the company’s stock after buying an additional 47,300 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $11,725,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Oakworth Capital Inc. lifted its holdings in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. OLD National Bancorp IN grew its holdings in Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares during the last quarter. PKS Advisory Services LLC increased its position in Otis Worldwide by 4.9% during the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after buying an additional 121 shares in the last quarter. Physician Wealth Advisors Inc. raised its holdings in shares of Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. Finally, Nemes Rush Group LLC raised its holdings in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Finally, Wall Street Zen lowered 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 assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Stock Up 2.5%

OTIS stock opened at $91.67 on Friday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The company has a market cap of $35.63 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 2.69 and a beta of 1.01. The business has a fifty day simple moving average of $88.68 and a 200-day simple moving average of $88.90.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insiders Place Their Bets

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 110,069 shares of company stock worth $9,914,801 over the last ninety days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Company 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.