Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Venturi Wealth Management LLC

Venturi Wealth Management LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 223.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 927 shares of the company’s stock after acquiring an additional 640 shares during the quarter. Venturi Wealth Management LLC’s holdings in Otis Worldwide were worth $86,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. M&T Bank Corp grew its stake in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after buying an additional 121,322 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB grew its holdings in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $98.44 on Monday. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The firm has a market cap of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06. The firm’s fifty day moving average is $94.65 and its two-hundred day moving average is $97.31.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS 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%. Research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred 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 sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 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 $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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 price target on the stock. in a report on Thursday, December 12th. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. 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 report on Thursday, January 30th. Finally, Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Two investment 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. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target 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.