Pensionfund Sabic Purchases 4,000 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pensionfund Sabic grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 32.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,500 shares of the company’s stock after buying an additional 4,000 shares during the quarter. Pensionfund Sabic’s holdings in Otis Worldwide were worth $1,528,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the second quarter worth about $991,000. M&T Bank Corp raised its stake in shares of Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares in the last quarter. Blair William & Co. IL increased its holdings in Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after purchasing an additional 9,643 shares during the period. Finally, Public Sector Pension Investment Board raised its position in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock valued at $19,143,000 after purchasing an additional 6,259 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.52 during mid-day trading on Monday, reaching $93.41. The stock had a trading volume of 180,118 shares, compared to its average volume of 879,368. The firm has a market cap of $37.31 billion, a price-to-earnings ratio of 23.29 and a beta of 1.06. The business’s fifty day moving average is $98.37 and its 200 day moving average is $97.56. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on OTIS shares. 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. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target on the stock. in a report on Thursday, December 5th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.