USA Financial Formulas Invests $174,000 in Otis Worldwide Co. (NYSE:OTIS)

USA Financial Formulas bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,880 shares of the company’s stock, valued at approximately $174,000.

Several other hedge funds have also modified their holdings of the stock. Sawyer & Company Inc purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $69,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Otis Worldwide by 45.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 718 shares of the company’s stock valued at $67,000 after purchasing an additional 226 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Otis Worldwide by 58.4% in the fourth quarter. Park Avenue Securities LLC now owns 22,868 shares of the company’s stock valued at $2,118,000 after purchasing an additional 8,433 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Otis Worldwide by 3.8% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 4,416 shares of the company’s stock valued at $409,000 after buying an additional 162 shares in the last quarter. Finally, Oak Thistle LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $2,283,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value 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. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $93.19 on Friday. The company’s fifty day moving average is $97.06 and its 200-day moving average is $97.30. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The company 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 released 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 firm 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%. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. On average, analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide declared that its board has initiated a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued 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 yield of 1.67%. Otis Worldwide’s dividend payout ratio is 38.90%.

About Otis Worldwide

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.