Avantax Advisory Services Inc. Buys 1,115 Shares of Otis Worldwide Co. (NYSE:OTIS)

Avantax Advisory Services Inc. grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,420 shares of the company’s stock after purchasing an additional 1,115 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Otis Worldwide were worth $2,910,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC increased 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 worth $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth about $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth about $34,000. Truvestments Capital LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $36,000. Finally, OFI Invest Asset Management bought a new position in shares of Otis Worldwide in the 4th quarter worth about $37,000. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last quarter. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of several research reports. Wells Fargo & Company decreased their price target 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. Barclays cut their price objective 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. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. cut 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 report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Up 1.1 %

Shares of NYSE OTIS opened at $100.69 on Friday. The firm’s 50-day moving average price is $96.73 and its 200-day moving average price is $98.08. The company has a market cap of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is presently 38.42%.

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.