Park Avenue Securities LLC Purchases 8,433 Shares of Otis Worldwide Co. (NYSE:OTIS)

Park Avenue Securities LLC increased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 58.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,868 shares of the company's stock after purchasing an additional 8,433 shares during the quarter. Park Avenue Securities LLC's holdings in Otis Worldwide were worth $2,118,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Otis Worldwide in the third quarter worth $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the third quarter valued at about $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% during 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. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the third quarter worth about $34,000. 88.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction 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 directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

OTIS traded up $1.56 on Friday, reaching $94.76. The company 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 company has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The business has a 50 day simple moving average of $96.80 and a 200 day simple moving average of $97.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for 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%. The business's quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Otis Worldwide Announces Dividend

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. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide's payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday. Barclays cut their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.