Allworth Financial LP Has $2.68 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Allworth Financial LP boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 529.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,124 shares of the company's stock after acquiring an additional 23,654 shares during the quarter. Allworth Financial LP's holdings in Otis Worldwide were worth $2,683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. M&T Bank Corp raised its position in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock worth $5,111,000 after purchasing an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB increased its stake in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after purchasing an additional 9,979 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

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

Otis Worldwide Trading Down 0.6 %

NYSE:OTIS traded down $0.59 on Friday, hitting $98.44. 2,744,926 shares of the company's stock traded hands, compared to its average volume of 2,065,801. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The firm has a 50-day moving average price of $94.65 and a 200-day moving average price of $97.25. The company has a market cap of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06.

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 (EPS) for the quarter, missing the consensus estimate 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, research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on OTIS shares. 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 dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. 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 stock. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $102.88.

Otis Worldwide 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.