Machina Capital S.A.S. Acquires New Position in Otis Worldwide Co. (NYSE:OTIS)

Machina Capital S.A.S. bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 13,776 shares of the company's stock, valued at approximately $1,233,000. Otis Worldwide makes up approximately 0.8% of Machina Capital S.A.S.'s holdings, making the stock its 22nd biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its position in Otis Worldwide by 0.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 154,776 shares of the company's stock worth $12,430,000 after purchasing an additional 733 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in Otis Worldwide by 13.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company's stock worth $543,000 after purchasing an additional 785 shares in the last quarter. Stratos Wealth Advisors LLC raised its position in Otis Worldwide by 6.1% in the third quarter. Stratos Wealth Advisors LLC now owns 2,782 shares of the company's stock valued at $223,000 after purchasing an additional 160 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Otis Worldwide by 1.7% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 200,100 shares of the company's stock valued at $16,070,000 after purchasing an additional 3,300 shares in the last quarter. Finally, JB Capital LLC grew its holdings in shares of Otis Worldwide by 1.4% during the third quarter. JB Capital LLC now owns 26,443 shares of the company's stock worth $2,124,000 after purchasing an additional 360 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company's stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company's stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company's stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an "equal weight" rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, April 25th. Argus raised Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, February 16th. Finally, Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a "hold" rating for the company. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.86.

Otis Worldwide Stock Up 0.9 %

OTIS stock traded up $0.80 during midday trading on Tuesday, reaching $93.89. 1,674,324 shares of the company's stock traded hands, compared to its average volume of 2,016,293. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The company has a market cap of $37.96 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03. The firm's fifty day moving average price is $96.43 and its 200-day moving average price is $90.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.66%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.34. Otis Worldwide's dividend payout ratio is 39.31%.

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.