GAMMA Investing LLC Has $620,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 24.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,693 shares of the company’s stock after purchasing an additional 1,303 shares during the quarter. GAMMA Investing LLC’s holdings in Otis Worldwide were worth $620,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of OTIS. Optas LLC boosted its stake in Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares during the period. Brighton Jones LLC boosted its position in shares of Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares in the last quarter. Groupama Asset Managment grew its stake in shares of Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after buying an additional 132 shares during the period. Finally, Selway Asset Management increased its position in Otis Worldwide by 0.8% in the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $92.89 on Friday. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The company’s 50-day moving average is $98.37 and its 200 day moving average is $97.56. The firm has a market capitalization of $37.11 billion, a P/E ratio of 23.16 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. On average, equities research analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on OTIS shares. Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Barclays cut Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a report on Thursday, December 5th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Finally, Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Company 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.