2,035 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Headlands Technologies LLC

Headlands Technologies LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,035 shares of the company’s stock, valued at approximately $188,000.

A number of other hedge funds also recently bought and sold shares of the business. Hilltop Holdings Inc. lifted its position in Otis Worldwide by 22.2% during the third quarter. Hilltop Holdings Inc. now owns 3,596 shares of the company’s stock worth $374,000 after buying an additional 653 shares in the last quarter. IHT Wealth Management LLC raised its holdings in shares of Otis Worldwide by 20.6% during the 3rd quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock worth $568,000 after acquiring an additional 935 shares during the period. Morse Asset Management Inc acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at about $130,000. Royal London Asset Management Ltd. grew its holdings in shares of Otis Worldwide by 1.8% in the third quarter. Royal London Asset Management Ltd. now owns 201,255 shares of the company’s stock valued at $20,918,000 after purchasing an additional 3,635 shares during the period. Finally, Stifel Financial Corp increased its position in Otis Worldwide by 3.7% during the third quarter. Stifel Financial Corp now owns 87,852 shares of the company’s stock worth $9,132,000 after purchasing an additional 3,120 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % 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 worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on OTIS. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Barclays lifted their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Trading Down 9.1 %

OTIS stock opened at $94.85 on Friday. The business’s fifty day moving average price is $99.32 and its 200 day moving average price is $98.96. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The company has a market capitalization of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued 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%. Research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has initiated a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is 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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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.