Olympiad Research LP Purchases Shares of 2,182 Otis Worldwide Co. (NYSE:OTIS)

Olympiad Research LP acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,182 shares of the company’s stock, valued at approximately $227,000.

Several other large investors also recently modified their holdings of the stock. Riverview Trust Co acquired a new position in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. lifted its holdings in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.05 on Friday. The company’s 50 day simple moving average is $99.65 and its 200 day simple moving average is $97.03. Otis Worldwide Co. has a 1 year low of $80.49 and a 1 year high of $106.33. The stock has a market capitalization of $39.97 billion, a price-to-earnings ratio of 24.95 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 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $0.95 EPS. As a group, analysts anticipate that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.