Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 3,088 Shares of Otis Worldwide Co. (NYSE:OTIS)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,280 shares of the company's stock after acquiring an additional 3,088 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Otis Worldwide were worth $2,249,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. M&T Bank Corp raised its position in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after purchasing an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Otis Worldwide by 11.1% in the third 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 last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in Otis Worldwide by 297.9% during the 3rd 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 during the last quarter. Finally, Handelsbanken Fonder AB lifted its position in Otis Worldwide by 6.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company's stock valued at $23,784,000 after purchasing an additional 13,602 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent research reports. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Wolfe Research downgraded 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. Wells Fargo & Company reduced their target price on 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, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Two investment 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $103.88.

Otis Worldwide Stock Performance

NYSE OTIS traded down $1.87 on Tuesday, reaching $95.87. The company had a trading volume of 3,229,329 shares, compared to its average volume of 2,056,531. The company's fifty day moving average is $96.30 and its 200-day moving average is $97.24. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33. The firm has a market capitalization of $38.30 billion, a price-to-earnings ratio of 23.91 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm earned $0.95 EPS. The business's revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire 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.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

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.