775,000 Shares in Otis Worldwide Corporation $OTIS Acquired by Cartenna Capital LP

Cartenna Capital LP bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, Holdings Channel.com reports. The fund bought 775,000 shares of the company’s stock, valued at approximately $70,858,000. Otis Worldwide accounts for about 2.0% of Cartenna Capital LP’s investment portfolio, making the stock its 14th largest position.

Other large investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide during the third quarter worth $26,000. Nemes Rush Group LLC grew its stake 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 valued at $31,000 after buying an additional 135 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $31,000. Oakworth Capital Inc. raised its holdings in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. lifted its stake in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide 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. The trade was a 25.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction on 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 directly owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Wells Fargo & Company cut their target price on shares of 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 research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Price Performance

OTIS stock opened at $83.17 on Friday. The business’s 50-day moving average is $89.57 and its two-hundred day moving average is $89.28. The firm has a market capitalization of $32.33 billion, a P/E ratio of 23.76, a P/E/G ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a 1 year low of $82.47 and a 1 year high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.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 company posted $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Otis Worldwide 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.