Rialto Wealth Management LLC Acquires New Shares in Otis Worldwide Co. (NYSE:OTIS)

Rialto Wealth Management LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,889 shares of the company's stock, valued at approximately $360,000.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock valued at $1,146,045,000 after acquiring an additional 152,072 shares during the period. Franklin Resources Inc. boosted its stake in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP grew its holdings in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock valued at $375,378,000 after purchasing an additional 229,523 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after purchasing an additional 391,206 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

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Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business'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 transaction, the chief executive officer now directly owns 245,883 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Down 1.2 %

Shares of Otis Worldwide stock traded down $1.18 during trading on Wednesday, hitting $99.97. 2,618,894 shares of the stock were exchanged, compared to its average volume of 2,003,605. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The stock has a market capitalization of $39.64 billion, a price-to-earnings ratio of 24.62 and a beta of 1.05. The company has a fifty day moving average price of $96.28 and a 200-day moving average price of $97.97.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results 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%. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors 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 yield of 1.56%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio is 38.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Wells Fargo & Company decreased their target price on 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. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Finally, Barclays lowered 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price 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.