Sapient Capital LLC Makes New $238,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Sapient Capital LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 2,663 shares of the company’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in Otis Worldwide during the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide in the third quarter valued at about $30,000. NBC Securities Inc. bought a new position in Otis Worldwide in the third quarter valued at about $33,000. Finally, CNB Bank lifted its holdings in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group upped their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $96.86.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $93.89 on Wednesday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The business’s 50-day moving average is $96.43 and its 200-day moving average is $90.00. The company has a market capitalization of $37.96 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.