McElhenny Sheffield Capital Management LLC Takes $537,000 Position in Otis Worldwide Co. (NYSE:OTIS)

McElhenny Sheffield Capital Management LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,802 shares of the company's stock, valued at approximately $537,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Mercer Global Advisors Inc. ADV grew its holdings in Otis Worldwide by 2.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 45,432 shares of the company's stock valued at $4,358,000 after purchasing an additional 1,014 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in Otis Worldwide by 7.6% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,411 shares of the company's stock valued at $617,000 after acquiring an additional 453 shares during the last quarter. Blair William & Co. IL increased its holdings in Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company's stock valued at $2,363,000 after acquiring an additional 9,643 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Otis Worldwide by 61.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 32,304 shares of the company's stock valued at $3,110,000 after acquiring an additional 12,256 shares in the last quarter. Finally, Brighton Jones LLC lifted its holdings in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company's stock valued at $248,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 1.7 %

OTIS traded up $1.56 during midday trading on Friday, hitting $94.76. The company's stock had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. Otis Worldwide Co. has a 52-week low of $85.61 and a 52-week high of $106.33. The firm has a 50-day moving average price of $96.80 and a two-hundred day moving average price of $97.28. The firm has a market cap of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06.

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

Otis Worldwide announced that its board has initiated a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday. Barclays cut 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. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating for the company in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $103.88.

Otis Worldwide Company 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.