Artemis Investment Management LLP Has $7.35 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Artemis Investment Management LLP lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 74.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,327 shares of the company's stock after buying an additional 33,750 shares during the period. Artemis Investment Management LLP's holdings in Otis Worldwide were worth $7,346,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Riverview Trust Co bought a new stake in Otis Worldwide in the third quarter worth approximately $25,000. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter worth $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide in the third 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, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Barclays decreased their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Finally, Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two equities 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.com, the company has a consensus rating of "Hold" and an average target price of $103.88.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $1.56 during trading on Monday, hitting $94.76. 1,869,845 shares of the company's stock traded hands, compared to its average volume of 1,490,667. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The company has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. The firm's fifty day moving average price is $96.80 and its 200 day moving average price is $97.29.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm's revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.