First Trust Advisors LP Buys 13,986 Shares of Otis Worldwide Corporation $OTIS

First Trust Advisors LP raised its stake in Otis Worldwide Corporation (NYSE:OTIS) by 2.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 514,519 shares of the company’s stock after acquiring an additional 13,986 shares during the period. First Trust Advisors LP owned about 0.13% of Otis Worldwide worth $47,042,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OTIS. Root Financial Partners LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $26,000. Nemes Rush Group LLC boosted its stake in Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide during the third quarter worth $31,000. Westside Investment Management Inc. increased its stake 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 valued at $31,000 after buying an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. raised 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 valued at $31,000 after buying an additional 124 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several research reports. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. 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 research report on Tuesday, December 9th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday, January 30th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $101.44.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $84.66 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $83.42 and a fifty-two week high of $105.95. The firm has a market capitalization of $32.91 billion, a P/E ratio of 24.19, a P/E/G ratio of 2.59 and a beta of 1.00. The company’s 50 day simple moving average is $89.76 and its 200 day simple moving average is $89.34.

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

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s payout ratio is presently 48.00%.

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.