Oak Thistle LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Oak Thistle LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 24,651 shares of the company's stock, valued at approximately $2,283,000. Otis Worldwide comprises about 0.7% of Oak Thistle LLC's portfolio, making the stock its 14th largest position.

Several other hedge funds have also recently modified their holdings of the stock. Parallel Advisors LLC grew its position in Otis Worldwide by 2.6% during the 2nd quarter. Parallel Advisors LLC now owns 9,441 shares of the company's stock worth $909,000 after purchasing an additional 242 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Otis Worldwide by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock valued at $242,873,000 after buying an additional 101,955 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of Otis Worldwide by 7.7% in the 2nd quarter. Moors & Cabot Inc. now owns 4,972 shares of the company's stock valued at $479,000 after acquiring an additional 357 shares during the period. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the period. Finally, Argent Trust Co raised its stake in Otis Worldwide by 11.0% in the 2nd quarter. Argent Trust Co now owns 13,505 shares of the company's stock worth $1,300,000 after acquiring an additional 1,338 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.5 %

Otis Worldwide stock traded up $0.44 during mid-day trading on Wednesday, hitting $92.22. The company had a trading volume of 1,772,966 shares, compared to its average volume of 2,033,641. The company has a market capitalization of $36.84 billion, a price-to-earnings ratio of 23.00 and a beta of 1.06. The company's fifty day moving average is $97.23 and its 200-day moving average is $97.34. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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). 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 analyst estimates of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The firm's quarterly revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's payout ratio is presently 38.90%.

Wall Street Analyst Weigh In

Several research firms have weighed in on OTIS. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 7th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target for the company. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $103.88.

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 stock was 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 approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by company 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.