Runnymede Capital Advisors Inc. Makes New Investment in Otis Worldwide Corporation $OTIS

Runnymede Capital Advisors Inc. acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, Holdings Channel reports. The firm acquired 12,088 shares of the company’s stock, valued at approximately $1,056,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sierra Legacy Group lifted its holdings in Otis Worldwide by 3.1% in the fourth quarter. Sierra Legacy Group now owns 10,705 shares of the company’s stock worth $935,000 after buying an additional 325 shares during the period. Ascent Group LLC purchased a new stake in Otis Worldwide in the fourth quarter worth about $254,000. Stratos Wealth Partners LTD. lifted its holdings in Otis Worldwide by 4.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 8,395 shares of the company’s stock worth $733,000 after buying an additional 353 shares during the period. American National Bank & Trust lifted its holdings in Otis Worldwide by 10.6% in the fourth quarter. American National Bank & Trust now owns 7,252 shares of the company’s stock worth $633,000 after buying an additional 694 shares during the period. Finally, Louisbourg Investments Inc. lifted its holdings in Otis Worldwide by 29.0% in the fourth quarter. Louisbourg Investments Inc. now owns 76,277 shares of the company’s stock worth $6,663,000 after buying an additional 17,146 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Otis Worldwide in a report on Wednesday. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Barclays lowered their price objective on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating for the company in a report on Wednesday, April 1st. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research note on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $98.78.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $79.50 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $101.42. The company has a 50 day simple moving average of $85.59 and a two-hundred day simple moving average of $88.13. The company has a market capitalization of $30.90 billion, a price-to-earnings ratio of 22.72, a P/E/G ratio of 2.34 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm earned $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the firm’s 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 of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 158,013 shares of company stock worth $14,337,635 over the last three months. Company insiders own 0.23% of the company’s stock.

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.