Van ECK Associates Corp Grows Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Van ECK Associates Corp increased its stake in Otis by 3,464.3% in Q3, adding 1,966,019 shares to reach 2,022,770 shares (about 0.52% of the company) valued at roughly $184.94 million.
• Otis reported Q results with EPS $1.03 (in line with estimates) and revenue of $3.80 billion (up 3.3% YoY but slightly below estimates); the company has a $33.47 billion market cap, a PE of 24.6, and declared a $0.42 quarterly dividend (2.0% yield).
• Insiders sold 158,013 shares (~$14.34M) over the past three months amid high institutional ownership (88.03%), and analysts hold an average rating of "Hold" with a $101.44 price target.

Van ECK Associates Corp increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3,464.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,022,770 shares of the company's stock after acquiring an additional 1,966,019 shares during the quarter. Van ECK Associates Corp owned approximately 0.52% of Otis Worldwide worth $184,942,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Jones Financial Companies Lllp grew its stake in Otis Worldwide by 3.4% during 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 increased its stake in shares of Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after purchasing an additional 857 shares during the period. 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 buying an additional 1,574 shares during the last quarter. Savant Capital LLC boosted its position in Otis Worldwide by 13.7% during the 2nd quarter. Savant Capital LLC now owns 26,376 shares of the company's stock worth $2,612,000 after acquiring an additional 3,171 shares during the period. Finally, Wedbush Securities Inc. grew its position in Otis Worldwide by 4.3% in the 2nd quarter. Wedbush Securities Inc. now owns 7,456 shares of the company's stock valued at $738,000 after buying an additional 310 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $86.11 on Wednesday. The company has a market capitalization of $33.47 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 2.64 and a beta of 1.00. The stock has a fifty day moving average of $89.82 and a 200-day moving average of $89.37. Otis Worldwide Corporation has a one year low of $84.00 and a one year high of $105.95.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide's payout ratio is presently 48.00%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on OTIS shares. 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 note on Friday, January 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Otis Worldwide in a report on Monday, December 29th. Wall Street Zen lowered Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. BNP Paribas Exane raised Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 9th. Finally, Wells Fargo & Company decreased their target price 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. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the business's stock in a transaction 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 $315,570.24. The trade was a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Neil Green sold 6,000 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares of the company's stock, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 in the last three months. 0.23% of the stock is currently owned by insiders.

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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