Proficio Capital Partners LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 192,578 shares of the company's stock, valued at approximately $193,000.
A number of other hedge funds have also made changes to their positions in OTIS. CWA Asset Management Group LLC acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $210,000. Assetmark Inc. lifted its position in shares of Otis Worldwide by 543.2% during the third quarter. Assetmark Inc. now owns 476 shares of the company's stock worth $49,000 after purchasing an additional 402 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Otis Worldwide by 1.2% during the third quarter. Crossmark Global Holdings Inc. now owns 24,433 shares of the company's stock worth $2,540,000 after purchasing an additional 292 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at $29,000. Finally, Harbour Investments Inc. grew its holdings in Otis Worldwide by 11.4% during 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 in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.
Insider Transactions at Otis Worldwide
In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company'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 completion of the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The transaction 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 firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were 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 in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.
Otis Worldwide Trading Down 1.2 %
Shares of NYSE OTIS opened at $99.97 on Thursday. The company has a market capitalization of $39.64 billion, a price-to-earnings ratio of 24.62 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. The business has a 50 day simple moving average of $96.43 and a 200-day simple moving average of $97.98.
Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.
Otis Worldwide declared that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually 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. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on OTIS shares. Wolfe Research downgraded 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. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Barclays cut their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company decreased 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 report on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Two equities 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. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and a consensus target price of $102.88.
View Our Latest Stock Report on OTIS
About Otis Worldwide
(
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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