Bartlett & CO. Wealth Management LLC Buys 373 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bartlett & CO. Wealth Management LLC raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,573 shares of the company’s stock after acquiring an additional 373 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Otis Worldwide were worth $979,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after acquiring an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after acquiring an additional 391,206 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Wolfe Research lowered 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 report on Thursday, December 12th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Two 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Trading Up 0.9 %

Shares of OTIS stock opened at $96.28 on Friday. Otis Worldwide Co. has a 12 month low of $87.57 and a 12 month high of $106.33. The stock has a market capitalization of $38.46 billion, a P/E ratio of 24.01 and a beta of 1.06. The firm’s 50 day moving average is $96.41 and its 200 day moving average is $97.25.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. On average, equities analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide declared that its Board of Directors has authorized a share repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

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.