Carnegie Investment Counsel Purchases 2,353 Shares of Otis Worldwide Co. (NYSE:OTIS)

Carnegie Investment Counsel boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 1.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 192,674 shares of the company’s stock after buying an additional 2,353 shares during the period. Carnegie Investment Counsel’s holdings in Otis Worldwide were worth $17,844,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Carolina Wealth Advisors LLC grew its stake in shares of Otis Worldwide by 347.6% in the fourth quarter. Carolina Wealth Advisors LLC now owns 2,265 shares of the company’s stock valued at $210,000 after acquiring an additional 1,759 shares in the last quarter. USA Financial Formulas bought a new stake in Otis Worldwide in the 4th quarter valued at about $174,000. Sawyer & Company Inc bought a new stake in Otis Worldwide in the 4th quarter valued at about $69,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Otis Worldwide by 45.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 718 shares of the company’s stock worth $67,000 after purchasing an additional 226 shares in the last quarter. Finally, Park Avenue Securities LLC increased its holdings in shares of Otis Worldwide by 58.4% during the fourth quarter. Park Avenue Securities LLC now owns 22,868 shares of the company’s stock worth $2,118,000 after purchasing an additional 8,433 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.0 %

NYSE:OTIS opened at $93.19 on Friday. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve month high of $106.33. The stock’s 50-day simple moving average is $97.06 and its 200 day simple moving average is $97.30. The firm has a market capitalization of $37.22 billion, a PE ratio of 23.24 and a beta of 1.06.

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). The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its board has approved a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OTIS shares. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, UBS Group assumed 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.88.

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.