OFI Invest Asset Management Takes $37,000 Position in Otis Worldwide Co. (NYSE:OTIS)

OFI Invest Asset Management bought a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 410 shares of the company’s stock, valued at approximately $37,000.

Several other large investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp grew its stake in shares of Otis Worldwide by 1.8% in the 4th quarter. Atlantic Union Bankshares Corp now owns 39,370 shares of the company’s stock valued at $3,646,000 after buying an additional 682 shares during the period. Amundi grew its stake in shares of Otis Worldwide by 32.2% in the 4th quarter. Amundi now owns 882,043 shares of the company’s stock valued at $80,963,000 after buying an additional 214,651 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after buying an additional 114 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at about $360,000. Finally, Lifeworks Advisors LLC lifted its position in Otis Worldwide by 20.5% in the 4th quarter. Lifeworks Advisors LLC now owns 53,010 shares of the company’s stock valued at $4,909,000 after acquiring an additional 9,005 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, 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 a total of 105,621 shares of company stock worth $10,046,255 in the last quarter. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Wolfe Research cut 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 report on Thursday, December 12th. Barclays dropped their price target 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. Finally, Wells Fargo & Company dropped 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Down 0.1 %

Otis Worldwide stock opened at $103.95 on Tuesday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The company’s 50 day moving average price is $96.11 and its two-hundred day moving average price is $97.92. The stock has a market cap of $41.22 billion, a P/E ratio of 25.60 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has authorized a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. Otis Worldwide’s payout ratio is currently 38.42%.

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.