Otis Worldwide Corporation $OTIS Shares Bought by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management boosted its stake in Otis Worldwide (NYSE:OTIS) by 4,954.7% in Q3, buying 104,197 shares to hold 106,300 shares valued at about $9.72 million.
• Institutional ownership is high at 88.03%, with major investors including Vanguard, AllianceBernstein, Franklin Resources and Norges Bank increasing or establishing positions recently.
• Insiders have been net sellers (158,013 shares worth ~$14.34M over 90 days, including a 47,944-share sale by Montlivault), while Otis trades with a market cap of ~$32.3B, P/E ~23.8 and a 2.0% dividend yield.

Boothbay Fund Management LLC grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4,954.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 106,300 shares of the company's stock after purchasing an additional 104,197 shares during the quarter. Boothbay Fund Management LLC's holdings in Otis Worldwide were worth $9,719,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OTIS. Vanguard Group Inc. lifted its position in Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company's stock worth $4,811,100,000 after buying an additional 1,991,860 shares during the period. Alliancebernstein L.P. grew its holdings in Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company's stock valued at $1,918,885,000 after buying an additional 603,860 shares during the period. Franklin Resources Inc. grew its holdings in Otis Worldwide by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company's stock valued at $678,377,000 after buying an additional 322,255 shares during the period. Norges Bank acquired a new position in shares of Otis Worldwide during the 2nd quarter valued at about $721,614,000. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 2.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company's stock valued at $648,423,000 after acquiring an additional 181,739 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 47,944 shares of the stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm's stock in a transaction dated 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 directly owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $83.17 on Friday. The stock has a 50-day simple moving average of $89.57 and a 200-day simple moving average of $89.28. The stock has a market capitalization of $32.33 billion, a P/E ratio of 23.76, a PEG ratio of 2.50 and a beta of 1.00. Otis Worldwide Corporation has a 1 year low of $82.47 and a 1 year high of $105.95.

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

Otis Worldwide Dividend Announcement

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

Analyst Ratings Changes

Several research firms recently issued reports on OTIS. Wells Fargo & Company decreased their target price 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. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Wall Street Zen cut shares of Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average 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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