Inspire Trust Co. N.A. Makes New $4.57 Million Investment in Otis Worldwide Corporation $OTIS

Inspire Trust Co. N.A. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 71,000 shares of the company’s stock, valued at approximately $4,567,000.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. BlackRock Inc. acquired a new position in shares of Otis Worldwide during the 2nd quarter worth $2,264,017,000. State Street Corp boosted its stake in Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after buying an additional 463,491 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Otis Worldwide in the second quarter valued at about $423,739,000. Van ECK Associates Corp grew its position in Otis Worldwide by 0.6% in the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock valued at $285,900,000 after acquiring an additional 24,914 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Otis Worldwide in the second quarter valued at about $223,003,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research analyst reports. Wells Fargo & Company lowered their target price on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, October 29th. Evercore restated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $91.20.

Insider Activity at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider directly owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $78.02 on Wednesday. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57. The stock has a market capitalization of $29.70 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 2.86 and a beta of 0.87. The stock has a fifty day moving average of $70.65 and a 200-day moving average of $76.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. Otis Worldwide’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a yield of 2.3%. Otis Worldwide’s dividend payout ratio (DPR) is currently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.