Daymark Wealth Partners LLC Buys 371 Shares of Otis Worldwide Co. (NYSE:OTIS)

Daymark Wealth Partners LLC lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,886 shares of the company’s stock after buying an additional 371 shares during the period. Daymark Wealth Partners LLC’s holdings in Otis Worldwide were worth $730,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. AE Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at $284,000. Bank of Montreal Can raised its position in Otis Worldwide by 0.6% in the 2nd quarter. Bank of Montreal Can now owns 381,356 shares of the company’s stock valued at $36,820,000 after buying an additional 2,245 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Otis Worldwide by 58.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 77,657 shares of the company’s stock valued at $7,475,000 after acquiring an additional 28,640 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Otis Worldwide by 17.0% during the 2nd quarter. AQR Capital Management LLC now owns 226,160 shares of the company’s stock worth $21,705,000 after acquiring an additional 32,785 shares during the last quarter. Finally, APG Asset Management N.V. grew its stake in shares of Otis Worldwide by 54.6% in the 2nd quarter. APG Asset Management N.V. now owns 216,770 shares of the company’s stock worth $19,469,000 after acquiring an additional 76,523 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on OTIS shares. Wells Fargo & Company cut 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. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research downgraded 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. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two research 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, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $103.88.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’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 completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

OTIS stock opened at $96.28 on Friday. The firm has a 50 day simple moving average of $96.41 and a two-hundred day simple moving average of $97.25. The stock has a market cap of $38.46 billion, a PE ratio of 24.01 and a beta of 1.06. Otis Worldwide Co. has a one year low of $87.57 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. On average, research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.62%. Otis Worldwide’s payout ratio is 38.90%.

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

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.