GAMMA Investing LLC Purchases 1,303 Shares of Otis Worldwide Co. (NYSE:OTIS)

GAMMA Investing LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 24.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,693 shares of the company’s stock after buying an additional 1,303 shares during the quarter. GAMMA Investing LLC’s holdings in Otis Worldwide were worth $620,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Van ECK Associates Corp grew its holdings in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. Finally, Brown Brothers Harriman & Co. raised its stake in Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $92.89 on Friday. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The stock has a market capitalization of $37.11 billion, a price-to-earnings ratio of 23.16 and a beta of 1.04. The stock has a fifty day moving average of $98.37 and a 200-day moving average of $97.56.

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 during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective 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 for the company. in a research report on Thursday, December 12th. Barclays downgraded 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. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.50.

Insider Buying and Selling at Otis Worldwide

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 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 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

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.