GWN Securities Inc. purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,726 shares of the company's stock, valued at approximately $457,000.
Other institutional investors have also modified their holdings of the company. Assetmark Inc. raised its holdings in Otis Worldwide by 543.2% in the 3rd quarter. Assetmark Inc. now owns 476 shares of the company's stock valued at $49,000 after acquiring an additional 402 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Otis Worldwide by 11.4% in the third quarter. Harbour Investments Inc. now owns 2,174 shares of the company's stock valued at $226,000 after purchasing an additional 222 shares during the period. Empowered Funds LLC grew its position in shares of Otis Worldwide by 10.1% in the third quarter. Empowered Funds LLC now owns 7,286 shares of the company's stock valued at $757,000 after purchasing an additional 668 shares during the period. Sawgrass Asset Management LLC increased its stake in Otis Worldwide by 40.9% in the third quarter. Sawgrass Asset Management LLC now owns 86,505 shares of the company's stock valued at $8,991,000 after purchasing an additional 25,112 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Otis Worldwide by 8.4% during the third quarter. Thrivent Financial for Lutherans now owns 36,612 shares of the company's stock worth $3,805,000 after buying an additional 2,825 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.
Otis Worldwide Price Performance
OTIS stock traded down $0.87 during midday trading on Thursday, reaching $101.90. 1,812,308 shares of the company's stock traded hands, compared to its average volume of 2,259,283. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The business has a 50-day moving average price of $97.32 and a two-hundred day moving average price of $98.24. The company has a market capitalization of $40.40 billion, a P/E ratio of 25.10 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 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.
Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.
Otis Worldwide Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.
Insider Activity
In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated Friday, January 31st. The shares were 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 directly owns 169 shares of the company's stock, valued at $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
OTIS has been the subject of several recent analyst reports. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Two 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's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $102.88.
Get Our Latest Research Report on Otis Worldwide
Otis Worldwide Profile
(
Free Report)
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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