Wealthspire Advisors LLC Acquires 190 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wealthspire Advisors LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,465 shares of the company’s stock after purchasing an additional 190 shares during the period. Wealthspire Advisors LLC’s holdings in Otis Worldwide were worth $228,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the third quarter valued at about $29,000. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% in 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 acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated 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 owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. Barclays lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. JPMorgan Chase & Co. reduced their price objective 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. Finally, Wells Fargo & Company lowered their target price 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 assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

OTIS stock opened at $98.06 on Friday. The business has a 50-day moving average of $94.97 and a 200-day moving average of $97.42. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The stock has a market capitalization of $38.88 billion, a P/E ratio of 24.15 and a beta of 1.06.

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 net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is presently 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.