10,300 Shares in Otis Worldwide Corporation $OTIS Purchased by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, Holdings Channel.com reports. The fund bought 10,300 shares of the company’s stock, valued at approximately $942,000.

Several other institutional investors also recently added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $26,000. Chilton Capital Management LLC acquired a new position in Otis Worldwide during the 2nd quarter valued at $31,000. Nemes Rush Group LLC boosted its holdings in Otis Worldwide by 75.4% in the 2nd 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 period. Rakuten Investment Management Inc. acquired a new stake in Otis Worldwide in the 3rd quarter worth $31,000. Finally, Westside Investment Management Inc. increased its holdings in shares of Otis Worldwide by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after purchasing an additional 168 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 2.3%

Shares of Otis Worldwide stock opened at $90.52 on Tuesday. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83. The stock has a 50-day moving average price of $89.26 and a 200 day moving average price of $89.18. The company has a market cap of $35.19 billion, a P/E ratio of 25.86, a P/E/G ratio of 2.79 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued 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. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share 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. Shareholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on OTIS shares. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. New Street Research set a $98.00 price objective on Otis Worldwide in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Wells Fargo & Company decreased their price target 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. Three investment 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $101.44.

Insider Activity at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president directly owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction 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 of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.