Argent Trust Co Has $1.42 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Argent Trust Co raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,375 shares of the company’s stock after purchasing an additional 1,125 shares during the quarter. Argent Trust Co’s holdings in Otis Worldwide were worth $1,424,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $28,000. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $33,000. Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at $34,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last ninety days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 2.8 %

Shares of NYSE:OTIS opened at $96.95 on Friday. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The company’s 50-day moving average price is $99.03 and its two-hundred day moving average price is $98.78. The firm has a market cap of $38.44 billion, a P/E ratio of 23.88 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has authorized a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wells Fargo & Company cut their price objective 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. Barclays lifted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Finally, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $100.88.

Otis Worldwide Company 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.