GAMMA Investing LLC Boosts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 12,162.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 820,750 shares of the company's stock after purchasing an additional 814,057 shares during the period. GAMMA Investing LLC owned about 0.21% of Otis Worldwide worth $84,701,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Transce3nd LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $33,000. Golden State Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide in the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

OTIS stock traded down $0.14 during midday trading on Thursday, reaching $95.14. 323,301 shares of the company were exchanged, compared to its average volume of 2,308,170. The company has a market cap of $37.55 billion, a price-to-earnings ratio of 23.42 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The stock's 50-day simple moving average is $96.67 and its 200 day simple moving average is $97.29.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 earnings per share. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.77%. Otis Worldwide's dividend payout ratio is 44.09%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $100.71.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.