Burling Wealth Partners LLC Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Burling Wealth Partners LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,214 shares of the company's stock, valued at approximately $1,409,000.

Several other hedge funds have also modified their holdings of OTIS. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after buying an additional 95,035 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after buying an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter valued at about $649,883,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. This represents 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 valued at $10,747,553 in the last quarter. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.22 during mid-day trading on Friday, reaching $92.96. 4,901,071 shares of the company were exchanged, compared to its average volume of 2,222,304. The business's 50 day simple moving average is $99.06 and its 200 day simple moving average is $98.28. The company has a market capitalization of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share 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%. On average, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

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 shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.81%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is presently 44.09%.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday. 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 report on Tuesday, April 8th. Finally, Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $100.63.

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.