Clarendon Private LLC Buys Shares of 3,772 Otis Worldwide Co. (NYSE:OTIS)

Clarendon Private LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,772 shares of the company's stock, valued at approximately $349,000.

Several other institutional investors also recently modified their holdings of OTIS. M&T Bank Corp grew its holdings in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after acquiring an additional 18,536 shares during the period. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after acquiring an additional 4,918 shares during the period. Wilmington Savings Fund Society FSB increased its stake in shares of Otis Worldwide by 297.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after purchasing an additional 9,979 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of Otis Worldwide by 6.3% in the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company's stock worth $23,784,000 after purchasing an additional 13,602 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.4 %

NYSE OTIS traded up $0.41 on Friday, reaching $96.61. The company had a trading volume of 1,557,480 shares, compared to its average volume of 1,489,223. The stock has a market capitalization of $38.59 billion, a PE ratio of 24.09 and a beta of 1.06. The firm's 50 day moving average price is $96.36 and its 200 day moving average price is $97.25. Otis Worldwide Co. has a 12 month low of $87.57 and a 12 month high of $106.33.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

Otis Worldwide declared that its board has authorized 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 buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 15th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company cut their price objective 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. Finally, Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $103.88.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company's stock.

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.