Concentric Capital Strategies LP Purchases Shares of 43,498 Otis Worldwide Co. (NYSE:OTIS)

Concentric Capital Strategies LP acquired a new position in Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 43,498 shares of the company’s stock, valued at approximately $4,521,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Cetera Investment Advisers grew its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the period. Cetera Advisors LLC grew its holdings in Otis Worldwide by 41.3% during the first quarter. Cetera Advisors LLC now owns 18,463 shares of the company’s stock valued at $1,833,000 after purchasing an additional 5,395 shares during the period. GAMMA Investing LLC increased its position in Otis Worldwide by 100.9% in the second quarter. GAMMA Investing LLC now owns 5,415 shares of the company’s stock worth $521,000 after buying an additional 2,720 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Otis Worldwide by 21.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 2,275 shares of the company’s stock worth $219,000 after buying an additional 408 shares during the period. Finally, DNB Asset Management AS lifted its position in shares of Otis Worldwide by 3.5% during the 2nd quarter. DNB Asset Management AS now owns 101,289 shares of the company’s stock valued at $9,750,000 after buying an additional 3,460 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.4 %

OTIS stock opened at $102.98 on Monday. Otis Worldwide Co. has a 52 week low of $83.99 and a 52 week high of $106.33. The firm has a market capitalization of $41.14 billion, a P/E ratio of 25.68 and a beta of 1.04. The company has a fifty day simple moving average of $101.90 and a two-hundred day simple moving average of $97.81.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business posted $0.95 EPS. The firm’s revenue was up .7% on a year-over-year basis. As a group, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $104.57.

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.