Generali Asset Management SPA SGR Invests $1.51 Million in Otis Worldwide Co. (NYSE:OTIS)

Generali Asset Management SPA SGR purchased a new position in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,253 shares of the company’s stock, valued at approximately $1,505,000.

Other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at $34,000. Finally, Truvestments Capital LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.8 %

NYSE:OTIS opened at $101.90 on Friday. The company has a 50-day moving average price of $97.52 and a 200-day moving average price of $98.27. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The stock has a market cap of $40.40 billion, a price-to-earnings ratio of 25.10 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%. Equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target 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. Wolfe Research lowered 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 report on Thursday, December 12th. Wells Fargo & Company cut 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 report on Thursday, January 30th. Finally, Barclays cut their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide 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 directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last three months. Company insiders own 0.23% of the company’s stock.

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.