PineStone Asset Management Inc. Purchases 121,322 Shares of Otis Worldwide Co. (NYSE:OTIS)

PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,002,419 shares of the company’s stock after buying an additional 121,322 shares during the period. Otis Worldwide comprises approximately 2.6% of PineStone Asset Management Inc.’s portfolio, making the stock its 16th largest position. PineStone Asset Management Inc. owned 0.75% of Otis Worldwide worth $278,054,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC increased its position in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after purchasing an additional 105 shares during the period. Optas LLC raised its stake in Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares during the last quarter. PFG Investments LLC raised its position in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after acquiring an additional 131 shares in the last quarter. Finally, Groupama Asset Managment lifted its stake in shares of Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after purchasing an additional 132 shares during the period. 88.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide 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 completion of the sale, the executive vice president now directly owns 24,927 shares in the company, 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. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 in the last 90 days. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 1.3 %

Shares of Otis Worldwide stock opened at $96.77 on Friday. The company has a market cap of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The business has a 50 day moving average price of $94.77 and a 200-day moving average price of $97.12.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. 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. Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note 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 target for the company. in a research note on Thursday, December 12th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock 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’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.88.

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.