Dynamic Advisor Solutions LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 23.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,325 shares of the company’s stock after selling 725 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Otis Worldwide were worth $215,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Otis Worldwide during the 3rd quarter worth $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC lifted its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.
Analyst Ratings Changes
Several brokerages have commented on OTIS. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $103.88.
Otis Worldwide Stock Down 1.9 %
NYSE:OTIS opened at $95.87 on Wednesday. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33. The firm has a market cap of $38.30 billion, a P/E ratio of 23.91 and a beta of 1.06. The business’s 50-day moving average price is $96.22 and its 200 day moving average price is $97.21.
Otis Worldwide (NYSE:OTIS – Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Sell-side analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.
Otis Worldwide Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.
Otis Worldwide announced that its board has approved a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Insiders Place Their Bets
In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.
About Otis Worldwide
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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