PineStone Asset Management Inc. Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,002,419 shares of the company's stock after buying an additional 121,322 shares during the quarter. Otis Worldwide comprises about 2.6% of PineStone Asset Management Inc.'s investment portfolio, making the stock its 16th biggest holding. PineStone Asset Management Inc. owned about 0.75% of Otis Worldwide worth $278,054,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in OTIS. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the third quarter valued at $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the third quarter valued at $29,000. Fortitude Family Office LLC raised its stake 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 buying an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Otis Worldwide during the third quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction 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. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $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 105,621 shares of company stock valued at $10,046,255. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Price Performance

Shares of OTIS traded up $0.63 during trading hours on Wednesday, hitting $98.24. The stock had a trading volume of 1,767,918 shares, compared to its average volume of 2,054,222. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The firm has a market capitalization of $38.95 billion, a PE ratio of 24.20 and a beta of 1.06. The stock has a fifty day moving average price of $94.62 and a 200 day moving average price of $97.20.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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, analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide's dividend payout ratio is presently 38.42%.

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.