Otis Worldwide Co. (NYSE:OTIS) Position Boosted by Virtu Financial LLC

Virtu Financial LLC lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 44.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 10,705 shares of the company's stock after buying an additional 3,303 shares during the quarter. Virtu Financial LLC's holdings in Otis Worldwide were worth $991,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Resonant Capital Advisors LLC lifted its holdings in Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares during the last quarter. Montis Financial LLC lifted its holdings in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its position in Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after purchasing an additional 117 shares during the period. Finally, Rehmann Capital Advisory Group grew its stake in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after buying an additional 122 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of research firms have issued reports on OTIS. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note 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 target price for the company. in a research note on Thursday, December 12th. Barclays upped their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $103.00.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 0.4 %

OTIS traded up $0.37 during trading on Thursday, reaching $103.06. The stock had a trading volume of 1,543,722 shares, compared to its average volume of 2,007,139. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The firm has a market capitalization of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05. The stock has a 50 day moving average of $98.34 and a two-hundred day moving average of $98.53.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

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.