Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 38,005 shares of the company's stock after acquiring an additional 3,155 shares during the quarter. O Shaughnessy Asset Management LLC's holdings in Otis Worldwide were worth $3,520,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $34,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $34,000. Finally, OFI Invest Asset Management purchased a new stake in Otis Worldwide in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. 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 owned by corporate insiders.

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Otis Worldwide Stock Performance

OTIS traded down $2.80 during trading on Monday, hitting $92.17. The stock had a trading volume of 4,484,245 shares, compared to its average volume of 2,152,867. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The firm has a market capitalization of $36.55 billion, a P/E ratio of 22.70 and a beta of 1.00. The company's 50-day moving average price is $99.21 and its 200 day moving average price is $98.96.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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%. As a group, equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors 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 yield of 1.69%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio is presently 38.42%.

Analyst Ratings Changes

Several equities analysts have issued reports on OTIS shares. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Barclays boosted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, March 26th. Finally, 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $103.00.

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.