Coerente Capital Management Has $15.73 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• Coerente Capital Management increased its stake in Otis Worldwide by 11.1% in Q4 to 180,066 shares valued at $15.73 million, representing about 2.9% of the firm's portfolio and its 17th largest holding.
• Otis Worldwide reported Q4 EPS of $1.03 (in line) on $3.80B revenue (slightly below estimates) with revenue up 3.3% year-over-year; the company has a $31.08B market cap, a P/E of 22.84, and pays a $0.42 quarterly dividend ( $1.68 annualized, 2.1% yield, 48% payout ratio).
• Insider selling has been notable — the CEO sold 56,107 shares (~$5.10M) and insiders sold 158,013 shares (~$14.34M) in the last 90 days — while analysts' consensus rating is "Hold" with an average target of $98.78.

Coerente Capital Management boosted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 11.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,066 shares of the company's stock after purchasing an additional 18,038 shares during the period. Otis Worldwide comprises approximately 2.9% of Coerente Capital Management's investment portfolio, making the stock its 17th biggest position. Coerente Capital Management's holdings in Otis Worldwide were worth $15,729,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Root Financial Partners LLC acquired a new stake in Otis Worldwide in the third quarter valued at $26,000. Stance Capital LLC bought a new position in Otis Worldwide during the third quarter worth $27,000. Rakuten Investment Management Inc. bought a new position in Otis Worldwide during the third quarter worth $31,000. Westside Investment Management Inc. raised its stake in Otis Worldwide by 100.0% during the third quarter. Westside Investment Management Inc. now owns 336 shares of the company's stock worth $31,000 after buying an additional 168 shares during the last quarter. Finally, Physician Wealth Advisors Inc. raised its stake in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company's stock worth $31,000 after buying an additional 124 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 1.6%

OTIS opened at $79.95 on Friday. Otis Worldwide Corporation has a 1-year low of $75.27 and a 1-year high of $101.42. The company has a market cap of $31.08 billion, a P/E ratio of 22.84, a price-to-earnings-growth ratio of 2.44 and a beta of 1.05. The company has a fifty day moving average price of $85.36 and a two-hundred day moving average price of $88.02.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Otis Worldwide's payout ratio is presently 48.00%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. downgraded 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 note on Friday, January 30th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday. Finally, Barclays lowered their target price on shares of Otis Worldwide from $90.00 to $80.00 and set an "underweight" rating for the company in a research note on Wednesday, April 1st. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $98.78.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 56,107 shares of the business's stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company's stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer directly owned 3,504 shares of the company's stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company's stock.

Otis Worldwide Profile

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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