Fox Run Management L.L.C. Purchases New Shares in Otis Worldwide Corporation $OTIS

Fox Run Management L.L.C. acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, HoldingsChannel reports. The firm acquired 8,607 shares of the company’s stock, valued at approximately $787,000.

Several other institutional investors have also recently made changes to their positions in OTIS. Root Financial Partners LLC bought a new position in shares of Otis Worldwide during the third quarter valued at about $26,000. Nemes Rush Group LLC increased its stake 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 buying an additional 135 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $31,000. Oakworth Capital Inc. lifted its position in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after buying an additional 113 shares in the last quarter. Finally, Physician Wealth Advisors Inc. boosted its stake in shares of 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 buying an additional 124 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $91.44 on Friday. The stock has a market capitalization of $35.54 billion, a P/E ratio of 26.13, a P/E/G ratio of 2.70 and a beta of 1.01. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83. The stock’s 50-day simple moving average is $89.39 and its 200 day simple moving average is $89.22.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting 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 firm 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 company earned $0.93 earnings per share. The company’s revenue was up 3.3% on a year-over-year basis. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued 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 yield of 1.8%. Otis Worldwide’s payout ratio is presently 48.00%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on OTIS shares. Wells Fargo & Company decreased their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $101.44.

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.