69,773 Shares in Otis Worldwide Corporation $OTIS Purchased by Numerai GP LLC

Numerai GP LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 69,773 shares of the company’s stock, valued at approximately $6,379,000. Otis Worldwide comprises about 0.9% of Numerai GP LLC’s portfolio, making the stock its 14th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Root Financial Partners LLC bought a new position in shares of Otis Worldwide in the third quarter worth about $26,000. Nemes Rush Group LLC grew its stake in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $31,000. Westside Investment Management Inc. increased its holdings 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 purchasing an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. raised its position in Otis Worldwide by 57.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a research note on Monday. New Street Research set a $98.00 price target on Otis Worldwide in a report on Friday, January 30th. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $101.44.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The stock was 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 in the company, valued at $326,175.85. The trade was a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.

Otis Worldwide Stock Performance

OTIS opened at $83.60 on Tuesday. The company has a fifty day moving average price of $89.46 and a two-hundred day moving average price of $89.27. The firm has a market capitalization of $32.50 billion, a PE ratio of 23.89, a P/E/G ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a 52 week low of $82.47 and a 52 week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company earned $0.93 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were 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 was Friday, February 13th. Otis Worldwide’s payout ratio is presently 48.00%.

Otis Worldwide 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.