HITE Hedge Asset Management LLC Purchases Shares of 54,321 Otis Worldwide Corporation $OTIS

HITE Hedge Asset Management LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 54,321 shares of the company’s stock, valued at approximately $4,967,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allied Investment Advisors LLC grew its stake in Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after buying an additional 6,770 shares in the last quarter. Pinnacle Financial Partners Inc. raised its position in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after buying an additional 12,721 shares in the last quarter. Natixis lifted its holdings in shares of Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after acquiring an additional 58,286 shares during the last quarter. Carnegie Investment Counsel lifted its holdings in shares of Otis Worldwide by 19.9% during the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after acquiring an additional 38,931 shares during the last quarter. Finally, Davidson Investment Advisors grew its position in Otis Worldwide by 60.7% in the third quarter. Davidson Investment Advisors now owns 287,918 shares of the company’s stock worth $26,324,000 after acquiring an additional 108,759 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $82.76 on Friday. The firm has a market cap of $32.17 billion, a P/E ratio of 23.65, a P/E/G ratio of 2.55 and a beta of 1.00. The firm’s fifty day moving average is $89.67 and its 200 day moving average is $89.29. Otis Worldwide Corporation has a 52 week low of $82.47 and a 52 week high of $105.95.

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

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wells Fargo & Company dropped their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Finally, 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 report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $101.44.

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.