Optas LLC Acquires 367 Shares of Otis Worldwide Co. (NYSE:OTIS)

Optas LLC boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,889 shares of the company’s stock after acquiring an additional 367 shares during the period. Optas LLC’s holdings in Otis Worldwide were worth $545,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OTIS. Riverview Trust Co bought a new stake in Otis Worldwide during the third quarter worth $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $29,000. Fortitude Family Office LLC lifted its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OTIS shares. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. cut their target price 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. Wolfe Research downgraded 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 report on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $94.57 on Tuesday. The stock’s 50-day moving average price is $95.75 and its two-hundred day moving average price is $97.09. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33. The company has a market capitalization of $37.78 billion, a PE ratio of 23.29 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities research analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The stock was 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 in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by insiders.

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.