iSAM Funds UK Ltd Raises Stock Position in Otis Worldwide Co. (NYSE:OTIS)

iSAM Funds UK Ltd lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 112.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,309 shares of the company’s stock after acquiring an additional 5,466 shares during the quarter. iSAM Funds UK Ltd’s holdings in Otis Worldwide were worth $955,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Resonant Capital Advisors LLC increased its position in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after acquiring an additional 105 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after purchasing an additional 109 shares in the last quarter. Montis Financial LLC boosted its stake in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares in the last quarter. AlTi Global Inc. boosted its stake in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after purchasing an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OTIS shares. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $100.71.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.4%

Shares of OTIS opened at $98.46 on Tuesday. The company has a market cap of $38.86 billion, a price-to-earnings ratio of 24.25 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a 50 day moving average of $97.98 and a two-hundred day moving average of $97.59.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide’s revenue was down 2.5% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

About Otis Worldwide

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.