Aquatic Capital Management LLC Acquires 137,996 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Aquatic Capital Management LLC boosted its Otis stake by 163.9% in Q3, buying 137,996 shares to hold 222,213 shares worth about $20.32 million.
• Insiders sold 158,013 Otis shares over the past three months totaling roughly $14.34 million, including Montlivault Stephane De's sale of 47,944 shares (~$4.42M).
• Otis trades near $83.17 with a market cap of $32.33 billion and a P/E of 23.76, and pays a quarterly dividend of $0.42 (annualized yield ~2.0%).

Aquatic Capital Management LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 163.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 222,213 shares of the company's stock after purchasing an additional 137,996 shares during the period. Aquatic Capital Management LLC owned about 0.06% of Otis Worldwide worth $20,317,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Jones Financial Companies Lllp grew its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after buying an additional 304 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after acquiring an additional 857 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after acquiring an additional 1,574 shares in the last quarter. AE Wealth Management LLC lifted its stake in Otis Worldwide by 12.7% in the second quarter. AE Wealth Management LLC now owns 3,845 shares of the company's stock worth $381,000 after acquiring an additional 433 shares during the period. Finally, Vise Technologies Inc. bought a new stake in Otis Worldwide in the second quarter valued at $514,000. Institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction 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 approximately $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the transaction, the insider owned 29,176 shares of the company's stock, valued at $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Up 0.6%

OTIS opened at $83.17 on Friday. The stock has a fifty day simple moving average of $89.57 and a two-hundred day simple moving average of $89.28. The company has a market cap of $32.33 billion, a price-to-earnings ratio of 23.76, a price-to-earnings-growth ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $82.47 and a 12-month high of $105.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion during 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%.The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 earnings per share. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide's dividend payout ratio (DPR) is 48.00%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an "equal weight" rating on the stock in a research report on Monday, December 15th. Finally, BNP Paribas Exane raised shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $101.44.

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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