Otis Worldwide Co. (NYSE:OTIS) Position Boosted by Davidson Investment Advisors

Davidson Investment Advisors boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 173,540 shares of the company's stock after purchasing an additional 2,808 shares during the period. Davidson Investment Advisors' holdings in Otis Worldwide were worth $16,072,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the period. Canoe Financial LP boosted its holdings in shares of Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares during the period. Finally, National Bank of Canada FI boosted its holdings in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock valued at $74,250,000 after buying an additional 523,518 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Down 0.6 %

Otis Worldwide stock traded down $0.59 during trading hours on Friday, hitting $98.44. 2,744,926 shares of the company traded hands, compared to its average volume of 2,065,801. The firm's 50-day simple moving average is $94.65 and its two-hundred day simple moving average is $97.25. The firm has a market cap of $39.03 billion, a P/E ratio of 24.25 and a beta of 1.06. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Finally, Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. 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. According to MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $102.88.

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.