Tidal Investments LLC Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Tidal Investments LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 14.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,445 shares of the company’s stock after buying an additional 4,172 shares during the quarter. Tidal Investments LLC’s holdings in Otis Worldwide were worth $3,372,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. grew its position in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $97.79 on Friday. The firm’s 50-day simple moving average is $101.40 and its 200-day simple moving average is $98.00. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The firm has a market cap of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company 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 business earned $0.95 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. Analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Wells Fargo & Company dropped their price target on 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. Barclays cut Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research report on Thursday, December 5th. UBS Group started 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. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.50.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’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 directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by insiders.

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.