Trivant Custom Portfolio Group LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Trivant Custom Portfolio Group LLC increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,230 shares of the company’s stock after purchasing an additional 243 shares during the period. Trivant Custom Portfolio Group LLC’s holdings in Otis Worldwide were worth $1,410,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide in the third quarter valued at $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent 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 lowered their price objective on shares of 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 initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $103.88.

Insider Buying and Selling

In other Otis Worldwide 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 transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents 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 this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 1.7 %

NYSE:OTIS opened at $94.76 on Friday. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The company has a market capitalization of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06. The firm has a 50-day moving average price of $96.80 and a two-hundred day moving average price of $97.27.

Otis Worldwide (NYSE:OTIS) last announced its 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Otis Worldwide announced that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.