Xponance Inc. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Xponance Inc. boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,999 shares of the company’s stock after buying an additional 2,307 shares during the period. Xponance Inc.’s holdings in Otis Worldwide were worth $5,371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the last quarter. Truvestments Capital LLC purchased a new position in Otis Worldwide in the 3rd quarter valued at $36,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $33,000. Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $34,000. Finally, Golden State Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Up 1.0 %

NYSE:OTIS opened at $102.72 on Thursday. The company has a market capitalization of $40.73 billion, a PE ratio of 25.30 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. The stock has a fifty day simple moving average of $97.32 and a 200-day simple moving average of $98.24.

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

Otis Worldwide declared that its board has approved a share buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, Barclays decreased 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 report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus 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.