State of New Jersey Common Pension Fund D Buys 7,078 Shares of Otis Worldwide Corporation $OTIS

State of New Jersey Common Pension Fund D increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 135,939 shares of the company’s stock after acquiring an additional 7,078 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Otis Worldwide were worth $12,429,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of OTIS. Norges Bank bought a new position in Otis Worldwide during the 2nd quarter valued at $721,614,000. Marshall Wace LLP lifted its position in shares of Otis Worldwide by 5,291.5% during the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in Otis Worldwide during the second quarter worth about $114,319,000. Finally, Canoe Financial LP grew its position in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Tuesday, December 9th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 2.3%

Otis Worldwide stock opened at $89.65 on Tuesday. The business’s 50 day simple moving average is $88.82 and its 200 day simple moving average is $88.97. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The company has a market cap of $34.85 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 2.70 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is 48.00%.

About Otis Worldwide

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.