Cibc World Markets Corp Purchases 8,507 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cibc World Markets Corp raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,086 shares of the company’s stock after purchasing an additional 8,507 shares during the quarter. Cibc World Markets Corp’s holdings in Otis Worldwide were worth $5,842,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Resonant Capital Advisors LLC increased its stake in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after purchasing an additional 105 shares in the last quarter. Montis Financial LLC boosted its holdings in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after buying an additional 110 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in Otis Worldwide by 1.8% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after purchasing an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group raised its position in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last 90 days. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

OTIS stock opened at $102.72 on Thursday. The firm has a market cap of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05. The firm has a 50-day simple moving average of $97.32 and a two-hundred day simple moving average of $98.24. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued 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 1.52%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays reduced 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. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered 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 note on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on shares of 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $102.88.

About Otis Worldwide

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.