Geneos Wealth Management Inc. Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Geneos Wealth Management Inc. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,200 shares of the company’s stock after selling 129 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Otis Worldwide were worth $111,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Optas LLC lifted its stake in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares during the period. Groupama Asset Managment boosted its holdings in Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after acquiring an additional 132 shares during the period. UMB Bank n.a. boosted its holdings in Otis Worldwide by 2.9% in the 4th quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock worth $456,000 after acquiring an additional 137 shares during the period. Finally, Selway Asset Management grew its position in Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on OTIS shares. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. Wolfe Research cut 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 research report on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Up 0.8 %

Shares of Otis Worldwide stock opened at $95.39 on Friday. The business has a 50-day moving average price of $96.02 and a 200 day moving average price of $97.18. Otis Worldwide Co. has a fifty-two week low of $87.57 and a fifty-two week high of $106.33. The firm has a market cap of $38.11 billion, a P/E ratio of 23.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide’s payout ratio is currently 38.90%.

Otis Worldwide declared 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 shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company 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.