GAMMA Investing LLC Invests $183,000 in Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,066 shares of the company’s stock, valued at approximately $183,000.

Several other hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the period. Northern Trust Corp lifted its position in Otis Worldwide by 3.0% in the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after purchasing an additional 135,048 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its position in Otis Worldwide by 1.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after purchasing an additional 59,211 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Otis Worldwide by 3.8% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,309,855 shares of the company’s stock valued at $265,814,000 after purchasing an additional 120,853 shares during the period. Finally, OMERS ADMINISTRATION Corp lifted its position in Otis Worldwide by 6.8% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,324,016 shares of the company’s stock valued at $186,642,000 after purchasing an additional 146,968 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Price Performance

Shares of OTIS opened at $92.18 on Friday. The firm has a 50 day simple moving average of $96.44 and a 200-day simple moving average of $89.35. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The stock has a market cap of $37.26 billion, a price-to-earnings ratio of 26.64 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is presently 39.31%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.