Metis Global Partners LLC Has $1.25 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Metis Global Partners LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 5.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,485 shares of the company’s stock after purchasing an additional 642 shares during the period. Metis Global Partners LLC’s holdings in Otis Worldwide were worth $1,249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE lifted its holdings in Otis Worldwide by 1.9% in the fourth quarter. US Bancorp DE now owns 206,653 shares of the company’s stock valued at $19,138,000 after buying an additional 3,933 shares during the period. SVB Wealth LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $337,000. QRG Capital Management Inc. lifted its holdings in Otis Worldwide by 7.7% in the fourth quarter. QRG Capital Management Inc. now owns 44,077 shares of the company’s stock valued at $4,082,000 after buying an additional 3,139 shares during the period. Proficio Capital Partners LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $193,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Otis Worldwide by 3.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 9,700 shares of the company’s stock valued at $898,000 after purchasing an additional 337 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $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 ninety days, insiders sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Wells Fargo & Company dropped 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 report on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Price Performance

NYSE:OTIS opened at $100.64 on Tuesday. The firm has a 50-day moving average of $95.24 and a 200-day moving average of $97.59. The company has a market cap of $39.91 billion, a PE ratio of 24.79 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts expect 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 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 repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

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 given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

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.