Independent Advisor Alliance Increases Stock Holdings in Otis Worldwide Corporation $OTIS

Independent Advisor Alliance boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 120.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,470 shares of the company’s stock after buying an additional 8,451 shares during the quarter. Independent Advisor Alliance’s holdings in Otis Worldwide were worth $1,414,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Atlantic Union Bankshares Corp lifted its holdings in Otis Worldwide by 48.2% during the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after purchasing an additional 18,881 shares during the last quarter. Pinnacle Financial Partners Inc raised its position in shares of Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares during the period. Natixis lifted its stake in shares of Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after buying an additional 58,286 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after buying an additional 38,931 shares during the period. Finally, Canoe Financial LP grew its stake in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after buying an additional 940,862 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 1.1%

Shares of NYSE OTIS opened at $87.10 on Wednesday. The business has a 50-day moving average of $88.35 and a 200-day moving average of $88.99. The firm has a market capitalization of $33.95 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 2.58 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting 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 business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $0.93 earnings per share. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is 48.00%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on OTIS shares. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wells Fargo & Company cut their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Finally, JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $101.44.

Insider Buying and Selling

In related news, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

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.