Daiwa Securities Group Inc. Purchases 3,476 Shares of Otis Worldwide Co. (NYSE:OTIS)

Daiwa Securities Group Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 7.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,649 shares of the company’s stock after buying an additional 3,476 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Otis Worldwide were worth $4,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in OTIS. CWA Asset Management Group LLC acquired a new position in shares of Otis Worldwide during the third quarter worth $210,000. Assetmark Inc. lifted its holdings in Otis Worldwide by 543.2% during the 3rd quarter. Assetmark Inc. now owns 476 shares of the company’s stock worth $49,000 after buying an additional 402 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of Otis Worldwide by 1.2% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 24,433 shares of the company’s stock valued at $2,540,000 after buying an additional 292 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at about $29,000. Finally, Harbour Investments Inc. raised its position in shares of Otis Worldwide by 11.4% during the third quarter. Harbour Investments Inc. now owns 2,174 shares of the company’s stock worth $226,000 after acquiring an additional 222 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

OTIS stock opened at $99.97 on Thursday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock has a market capitalization of $39.64 billion, a PE ratio of 24.62 and a beta of 1.05. The company’s 50-day moving average is $96.43 and its 200-day moving average is $97.98.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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, analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Dividend Announcement

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

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide 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 $3,588,712.92. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent analyst reports. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, UBS Group started coverage on Otis Worldwide in a research note 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

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.