6,820 Otis Worldwide Corporation $OTIS Shares Purchased by DMKC Advisory Services LLC

DMKC Advisory Services LLC increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 17.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,207 shares of the company’s stock after acquiring an additional 6,820 shares during the period. DMKC Advisory Services LLC’s holdings in Otis Worldwide were worth $2,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Otis Worldwide during the 2nd quarter valued at about $2,264,017,000. State Street Corp raised its stake in shares of Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Otis Worldwide in the second quarter worth about $423,739,000. Van ECK Associates Corp lifted its holdings in shares of Otis Worldwide by 0.6% during the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after purchasing an additional 24,914 shares during the period. Finally, Canoe Financial LP lifted its holdings in shares of Otis Worldwide by 4.7% during the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock worth $205,618,000 after purchasing an additional 144,386 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on OTIS shares. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Evercore reissued an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Sanford C. Bernstein lifted their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $91.20.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $78.85 on Tuesday. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 2.89 and a beta of 0.87. The firm’s fifty day moving average is $70.51 and its two-hundred day moving average is $76.11.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. The company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $1.05 EPS. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio is presently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.