Baker Avenue Asset Management LP Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Baker Avenue Asset Management LP purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,884 shares of the company’s stock, valued at approximately $508,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. First Eagle Investment Management LLC grew its holdings in shares of Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after purchasing an additional 12,722 shares during the last quarter. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $991,000. Cetera Investment Advisers grew its holdings 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 purchasing an additional 33,457 shares during the last quarter. Natixis bought a new position in shares of Otis Worldwide during the 1st quarter valued at $3,722,000. Finally, Blair William & Co. IL grew its holdings in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.5 %

Shares of NYSE OTIS opened at $101.52 on Tuesday. The firm has a 50 day moving average of $99.90 and a 200 day moving average of $97.14. The firm has a market capitalization of $40.55 billion, a price-to-earnings ratio of 25.32 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $81.21 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the firm earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. Sell-side analysts predict 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 issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. Wells Fargo & Company dropped their target price 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. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays lowered their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.00.

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.