Bank of Nova Scotia Grows Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Bank of Nova Scotia grew its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,937 shares of the company's stock after purchasing an additional 5,497 shares during the quarter. Bank of Nova Scotia's holdings in Otis Worldwide were worth $5,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide in the 4th quarter worth approximately $28,000. Fortitude Family Office LLC raised its position in shares of 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 during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth $33,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $34,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $34,000. Hedge funds and other institutional investors 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 firm's stock in a transaction on Monday, February 10th. The stock was 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 trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

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Analyst Ratings Changes

A number of research firms have recently commented on OTIS. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Barclays increased their target price 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. dropped their price target 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, April 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $100.88.

Otis Worldwide Trading Up 0.2 %

Shares of NYSE OTIS traded up $0.23 during mid-day trading on Tuesday, reaching $98.75. The company had a trading volume of 1,566,767 shares, compared to its average volume of 2,187,977. The stock has a market cap of $39.16 billion, a price-to-earnings ratio of 24.32 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The business's 50-day moving average is $99.11 and its 200-day moving average is $98.70.

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 (EPS) 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%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was 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.