Triasima Portfolio Management inc. Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Triasima Portfolio Management inc. purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel reports. The firm purchased 7,820 shares of the company’s stock, valued at approximately $724,000.

A number of other institutional investors have also made changes to their positions in OTIS. Czech National Bank increased its holdings in shares of Otis Worldwide by 5.9% in the 3rd quarter. Czech National Bank now owns 81,597 shares of the company’s stock valued at $8,481,000 after acquiring an additional 4,549 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Otis Worldwide by 36.9% in the 3rd quarter. Diversified Trust Co now owns 6,773 shares of the company’s stock valued at $704,000 after acquiring an additional 1,825 shares during the last quarter. Artemis Investment Management LLP bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $4,737,000. City Holding Co. increased its holdings in shares of Otis Worldwide by 21.3% in the 3rd quarter. City Holding Co. now owns 4,644 shares of the company’s stock valued at $483,000 after acquiring an additional 817 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Otis Worldwide by 1.0% in the 3rd quarter. CWM LLC now owns 17,727 shares of the company’s stock valued at $1,843,000 after acquiring an additional 181 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,481 shares of company stock worth $7,159,509 over the last 90 days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OTIS. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Barclays lowered their price objective 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. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Two 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. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $95.91 on Friday. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The stock has a market cap of $38.31 billion, a price-to-earnings ratio of 23.62 and a beta of 1.06. The business has a fifty day moving average of $95.31 and a 200-day moving average of $97.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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.