Farmers & Merchants Investments Inc. Acquires 4,089 Shares of Otis Worldwide Co. (NYSE:OTIS)

Farmers & Merchants Investments Inc. raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,732 shares of the company's stock after buying an additional 4,089 shares during the period. Farmers & Merchants Investments Inc.'s holdings in Otis Worldwide were worth $3,865,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Riverview Trust Co purchased a new stake in Otis Worldwide in the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC lifted 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 buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Otis Worldwide in the 3rd quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction on Monday, February 10th. The stock was 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 trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last ninety days. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 0.1 %

Shares of OTIS stock traded up $0.10 on Wednesday, reaching $96.78. 2,178,386 shares of the stock were exchanged, compared to its average volume of 2,068,217. The stock has a market cap of $38.38 billion, a P/E ratio of 23.84 and a beta of 1.06. The firm has a 50 day moving average of $94.94 and a two-hundred day moving average of $97.09. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates 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, equities research analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase 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 will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide's payout ratio is 38.42%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. Barclays reduced 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. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Finally, UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Two investment 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $102.88.

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.