Cibc World Markets Corp Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Cibc World Markets Corp lifted its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,086 shares of the company's stock after buying an additional 8,507 shares during the period. Cibc World Markets Corp's holdings in Otis Worldwide were worth $5,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth $34,000. Truvestments Capital LLC bought a new position in Otis Worldwide in the 3rd quarter worth $36,000. Finally, OFI Invest Asset Management bought a new position in Otis Worldwide in the 4th quarter worth $37,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on OTIS. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company decreased their price target on 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, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $102.88.

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Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company's stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.93 during trading hours on Friday, hitting $100.97. The stock had a trading volume of 7,242,491 shares, compared to its average volume of 2,011,423. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The stock's 50-day moving average price is $97.73 and its two-hundred day moving average price is $98.34. The stock has a market capitalization of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

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

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.