Cary Street Partners Financial LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Cary Street Partners Financial LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,902 shares of the company’s stock, valued at approximately $454,000.

Other hedge funds have also recently made changes to their positions in the company. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after purchasing an additional 121,322 shares during the period. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the period. SVB Wealth LLC purchased a new position in Otis Worldwide during the 4th quarter worth approximately $337,000. Clarkston Capital Partners LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at approximately $8,743,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock valued at $213,418,000 after acquiring an additional 67,937 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OTIS shares. Royal Bank of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Trading Down 0.3 %

Shares of OTIS opened at $97.06 on Friday. The firm has a market cap of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock’s 50 day moving average is $98.52 and its two-hundred day moving average is $97.76.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.73%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide’s payout ratio is presently 44.09%.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 36,800 shares of company stock worth $3,588,044. Corporate insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.