18,060 Shares in Otis Worldwide Corporation $OTIS Purchased by Inceptionr LLC

Key Points

• Inceptionr LLC acquired a new position of 18,060 shares of Otis Worldwide (~$1.65 million), representing about 0.4% of its portfolio and the fund's 29th largest holding.
• Insiders have been net sellers, disposing of 158,013 shares worth roughly $14.34 million over the past 90 days, including notable sales by CAO Michael Patrick Ryan and EVP Neil Green that materially reduced their holdings.
• Otis declared a quarterly dividend of $0.42 (annualized $1.68, yield 1.9%) payable March 13, and reported quarterly EPS of $1.03 that met expectations while revenue of $3.80B slightly missed estimates.

Inceptionr LLC acquired a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 18,060 shares of the company's stock, valued at approximately $1,651,000. Otis Worldwide makes up approximately 0.4% of Inceptionr LLC's investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors have also recently bought and sold shares of the business. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $26,000. Nemes Rush Group LLC boosted its stake in shares of Otis Worldwide by 75.4% in the second 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 period. Rakuten Investment Management Inc. acquired a new stake in Otis Worldwide during the third quarter worth approximately $31,000. Oakworth Capital Inc. increased its stake in 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 acquiring an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. increased its stake in Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company's stock worth $31,000 after acquiring an additional 124 shares during the period. Institutional investors own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares of the company's stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Neil Green sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. New Street Research set a $98.00 target price on Otis Worldwide in a research report on Friday, January 30th. 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. Wells Fargo & Company dropped their price target 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. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price objective on the stock. in a research note on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average target price of $101.44.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $89.15 on Monday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The stock has a market capitalization of $34.65 billion, a P/E ratio of 25.47, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. The stock has a fifty day moving average of $89.87 and a 200-day moving average of $89.39.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.Otis Worldwide's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is presently 48.00%.

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.

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