BNP Paribas Has $4.58 Million Stake in Otis Worldwide Corporation $OTIS

BNP Paribas reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 13.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 50,276 shares of the company’s stock after selling 7,851 shares during the quarter. BNP Paribas’ holdings in Otis Worldwide were worth $4,580,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Boothbay Fund Management LLC increased its holdings in shares of Otis Worldwide by 4,954.7% during the 3rd quarter. Boothbay Fund Management LLC now owns 106,300 shares of the company’s stock valued at $9,719,000 after acquiring an additional 104,197 shares during the last quarter. Aquatic Capital Management LLC lifted its holdings in Otis Worldwide by 163.9% in the 3rd quarter. Aquatic Capital Management LLC now owns 222,213 shares of the company’s stock worth $20,317,000 after purchasing an additional 137,996 shares during the last quarter. Algert Global LLC lifted its holdings in Otis Worldwide by 705.2% in the 3rd quarter. Algert Global LLC now owns 31,565 shares of the company’s stock worth $2,886,000 after purchasing an additional 27,645 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Otis Worldwide by 27.4% during the third quarter. Ameriprise Financial Inc. now owns 384,362 shares of the company’s stock worth $35,142,000 after purchasing an additional 82,584 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its position in Otis Worldwide by 602.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 298,192 shares of the company’s stock worth $27,264,000 after purchasing an additional 255,724 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.6%

Shares of NYSE OTIS 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 company has a market cap 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 12 month low of $82.47 and a 12 month high of $105.95.

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

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Wells Fargo & Company lowered 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. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three equities 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 company currently has a consensus rating of “Hold” and an average target price of $101.44.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last quarter. Company insiders own 0.23% of the company’s stock.

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.