ICW Investment Advisors LLC Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

ICW Investment Advisors LLC lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,522 shares of the company’s stock after buying an additional 193 shares during the quarter. ICW Investment Advisors LLC’s holdings in Otis Worldwide were worth $604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Fortitude Family Office LLC raised its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Truvestments Capital LLC purchased a new stake in Otis Worldwide in the third quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $33,000. Flagship Wealth Advisors LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, 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. 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, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction 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 approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $100.97 on Monday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock has a market capitalization of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05. The company’s 50 day moving average price is $97.73 and its 200-day moving average price is $98.36.

Otis Worldwide (NYSE:OTIS) last issued its 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%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.