Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Boston Financial Mangement LLC

Boston Financial Mangement LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,727 shares of the company’s stock after purchasing an additional 175 shares during the period. Boston Financial Mangement LLC’s holdings in Otis Worldwide were worth $2,197,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its holdings in Otis Worldwide by 132.6% during the third quarter. Blue Trust Inc. now owns 3,107 shares of the company’s stock worth $299,000 after acquiring an additional 1,771 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Otis Worldwide by 21.0% during the third quarter. Sequoia Financial Advisors LLC now owns 11,426 shares of the company’s stock worth $1,188,000 after acquiring an additional 1,981 shares during the period. Eastern Bank acquired a new stake in Otis Worldwide during the third quarter worth about $779,000. International Assets Investment Management LLC grew its holdings in Otis Worldwide by 11,799.4% during the third quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock worth $21,533,000 after acquiring an additional 205,427 shares during the period. Finally, Grimes & Company Inc. grew its holdings in Otis Worldwide by 7.9% during the third quarter. Grimes & Company Inc. now owns 5,633 shares of the company’s stock worth $585,000 after acquiring an additional 413 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 over the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Up 0.7 %

Shares of OTIS opened at $99.02 on Friday. The firm has a market cap of $39.26 billion, a P/E ratio of 24.39 and a beta of 1.06. The stock’s 50 day moving average is $94.64 and its two-hundred day moving average is $97.22. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its earnings results 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%. Equities research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. 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 report on Thursday, December 12th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $102.88.

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.