Hunter Associates Investment Management LLC Invests $1.03 Million in Otis Worldwide Corporation $OTIS

Hunter Associates Investment Management LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 4th quarter, Holdings Channel.com reports. The fund bought 11,682 shares of the company’s stock, valued at approximately $1,026,000.

Other hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide in the third quarter worth $26,000. Stance Capital LLC purchased a new position in shares of Otis Worldwide in the third quarter worth $27,000. Rakuten Investment Management Inc. purchased a new position in shares of Otis Worldwide in the third quarter worth $31,000. Westside Investment Management Inc. lifted its holdings in shares of Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after buying an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. lifted 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 buying an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.5%

Otis Worldwide stock opened at $77.75 on Wednesday. The company has a market cap of $30.22 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 2.34 and a beta of 1.05. The firm’s fifty day moving average is $85.77 and its 200 day moving average is $88.19. Otis Worldwide Corporation has a 52-week low of $75.27 and a 52-week high of $101.42.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the business’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 transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 231,072 shares in the company, valued at $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 sold 158,013 shares of company stock worth $14,337,635 in the last ninety days. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays lowered their target price on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a report on Wednesday, April 1st. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.78.

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.