Daiwa Securities Group Inc. Buys 3,476 Shares of Otis Worldwide Co. (NYSE:OTIS)

Daiwa Securities Group Inc. grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,649 shares of the company's stock after purchasing an additional 3,476 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Otis Worldwide were worth $4,876,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC raised its stake in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $33,000. Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $34,000. Finally, Truvestments Capital LLC bought a new position in Otis Worldwide during the third quarter worth $36,000. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of 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. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $102.88.

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Insider Buying and Selling

In related news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The shares were 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 represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $99.97 on Thursday. The business's 50 day simple moving average is $96.43 and its 200 day simple moving average is $97.98. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The company has a market capitalization of $39.64 billion, a P/E ratio of 24.62 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors 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.

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