Triasima Portfolio Management inc. Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Triasima Portfolio Management inc. acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,820 shares of the company's stock, valued at approximately $724,000.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. Lecap Asset Management Ltd. acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $709,000. William Allan Corp boosted its position in Otis Worldwide by 2.5% during the fourth quarter. William Allan Corp now owns 48,544 shares of the company's stock valued at $4,496,000 after purchasing an additional 1,198 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Otis Worldwide by 2.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 44,165 shares of the company's stock valued at $4,090,000 after buying an additional 1,038 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Otis Worldwide by 1.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 938,843 shares of the company's stock valued at $86,946,000 after acquiring an additional 9,972 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OTIS. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Barclays cut their price objective 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. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Wolfe Research lowered shares of 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. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.88.

Insider Activity

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares of the company's stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 in the last 90 days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 0.2 %

NYSE:OTIS traded up $0.23 on Tuesday, reaching $96.29. The stock had a trading volume of 1,145,828 shares, compared to its average volume of 2,041,435. The company has a market capitalization of $38.18 billion, a P/E ratio of 23.72 and a beta of 1.06. The stock has a fifty day moving average price of $95.03 and a 200-day moving average price of $97.06. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data 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%. Sell-side analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide's dividend payout ratio is presently 38.42%.

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.