Fortitude Family Office LLC Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Fortitude Family Office LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 485.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 322 shares of the company’s stock after buying an additional 267 shares during the period. Fortitude Family Office LLC’s holdings in Otis Worldwide were worth $30,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Optas LLC lifted its position in Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares in the last quarter. Brighton Jones LLC boosted its position in shares of Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the last quarter. Groupama Asset Managment boosted its position in shares of Otis Worldwide by 1.4% during the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after buying an additional 132 shares during the last quarter. Finally, Selway Asset Management increased its holdings in Otis Worldwide by 0.8% in the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after buying an additional 150 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.1 %

Shares of Otis Worldwide stock opened at $90.78 on Friday. The company has a market capitalization of $36.26 billion, a price-to-earnings ratio of 22.64 and a beta of 1.06. The stock’s 50-day simple moving average is $97.57 and its 200-day simple moving average is $97.38. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.72%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wolfe Research downgraded 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 report on Thursday, December 12th. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.50.

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.