Orion Capital Management LLC Purchases Shares of 375 Otis Worldwide Co. (NYSE:OTIS)

by · The Cerbat Gem

Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 375 shares of the company’s stock, valued at approximately $35,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Otis Worldwide by 9.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,602,727 shares of the company’s stock valued at $333,649,000 after buying an additional 316,890 shares during the period. Waverly Advisors LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $404,000. iSAM Funds UK Ltd grew its position in Otis Worldwide by 112.9% during the fourth quarter. iSAM Funds UK Ltd now owns 10,309 shares of the company’s stock valued at $955,000 after buying an additional 5,466 shares during the period. Vident Advisory LLC grew its position in Otis Worldwide by 14.4% during the fourth quarter. Vident Advisory LLC now owns 8,096 shares of the company’s stock valued at $750,000 after buying an additional 1,022 shares during the period. Finally, Sone Capital Management LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $4,620,000. Institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on OTIS. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Finally, Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.71.

Get Our Latest Report on OTIS

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $97.25 on Friday. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market capitalization of $38.38 billion, a price-to-earnings ratio of 23.95 and a beta of 1.01. The company’s 50 day moving average price is $97.82 and its 200-day moving average price is $97.58.

Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter last year, the business earned $0.88 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a $0.42 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Otis Worldwide Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTIS – Free Report).