Choate Investment Advisors increased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 61.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,391 shares of the company's stock after buying an additional 2,817 shares during the quarter. Choate Investment Advisors' holdings in Otis Worldwide were worth $684,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. increased 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 purchasing an additional 402 shares during the last quarter. Harbour Investments Inc. increased its holdings in Otis Worldwide by 11.4% in the 3rd 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 last quarter. Empowered Funds LLC increased its holdings in Otis Worldwide by 10.1% in the 3rd 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 last quarter. Sawgrass Asset Management LLC increased its holdings in Otis Worldwide by 40.9% in the 3rd 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 increased its holdings in Otis Worldwide by 8.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 36,612 shares of the company's stock valued at $3,805,000 after purchasing an additional 2,825 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.
Insider Activity at Otis Worldwide
In related news, CEO Judith Fran Marks sold 38,012 shares of the business's 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 sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $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. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last ninety days. Insiders own 0.23% of the company's stock.
Otis Worldwide Trading Down 0.8 %
Shares of OTIS stock traded down $0.87 on Thursday, reaching $101.90. 1,812,305 shares of the stock were exchanged, compared to its average volume of 1,986,966. The business's 50 day moving average price is $97.32 and its 200 day moving average price is $98.24. The company has a market capitalization of $40.40 billion, a price-to-earnings ratio of 25.10 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.
Otis Worldwide announced that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.
Otis Worldwide Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on OTIS. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wolfe Research downgraded 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 note on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price target on shares of 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. Two 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. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $102.88.
Check Out Our Latest Report on OTIS
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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