Ashburton Jersey Ltd Invests $3.62 Million in Otis Worldwide Co. (NYSE:OTIS)

Ashburton Jersey Ltd acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 39,099 shares of the company's stock, valued at approximately $3,621,000. Otis Worldwide accounts for about 1.6% of Ashburton Jersey Ltd's holdings, making the stock its 21st largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resonant Capital Advisors LLC boosted its position in shares of Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after acquiring an additional 105 shares during the period. Montis Financial LLC boosted its holdings in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after purchasing an additional 110 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after purchasing an additional 114 shares during the period. Mesirow Financial Investment Management Inc. grew its position in Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock worth $600,000 after purchasing an additional 117 shares during the last quarter. Finally, Rehmann Capital Advisory Group increased its holdings in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after purchasing an additional 122 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $3.40 during trading hours on Friday, hitting $97.72. The company had a trading volume of 1,112,836 shares, compared to its average volume of 2,180,133. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The firm's fifty day moving average is $98.98 and its 200 day moving average is $98.79. The firm has a market capitalization of $38.75 billion, a price-to-earnings ratio of 24.00 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated 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 repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Barclays lifted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. Finally, Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus 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.