Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Davidson Investment Advisors

Davidson Investment Advisors raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 173,540 shares of the company’s stock after acquiring an additional 2,808 shares during the quarter. Davidson Investment Advisors’ holdings in Otis Worldwide were worth $16,072,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC boosted its holdings in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter worth about $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTIS. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target 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. Barclays cut their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.77 on Tuesday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The company has a 50 day simple moving average of $94.69 and a two-hundred day simple moving average of $97.17. The firm has a market cap of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was 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 directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the 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 approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 in the last quarter. 0.23% of the stock is currently owned by 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.