Alberta Investment Management Corp Acquires 115,900 Shares of Otis Worldwide Corporation $OTIS

Alberta Investment Management Corp increased its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 4,636.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 118,400 shares of the company’s stock after acquiring an additional 115,900 shares during the quarter. Alberta Investment Management Corp’s holdings in Otis Worldwide were worth $10,825,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Oakworth Capital Inc. increased its position in Otis Worldwide by 49.1% during 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 in the last quarter. Cookson Peirce & Co. Inc. raised its position in shares of Otis Worldwide by 1.8% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after purchasing an additional 115 shares during the last quarter. OLD National Bancorp IN boosted its stake in Otis Worldwide by 5.5% in the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after purchasing an additional 118 shares in the last quarter. PKS Advisory Services LLC grew its position in Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after purchasing an additional 121 shares during the last quarter. Finally, Physician Wealth Advisors Inc. grew its position in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $92.59 on Thursday. The firm has a market capitalization of $35.99 billion, a P/E ratio of 26.45, a PEG ratio of 2.78 and a beta of 1.01. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $106.83. The business has a fifty day moving average of $89.02 and a 200 day moving average of $89.04.

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. 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 EPS. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. Analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared 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. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s payout ratio is currently 48.00%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a report on Friday, January 30th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Wells Fargo & Company cut 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. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average price target of $101.44.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the chief accounting officer owned 3,504 shares in the company, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. Corporate insiders own 0.23% of the company’s stock.

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.