Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 43.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,452 shares of the company’s stock after purchasing an additional 1,345 shares during the quarter. Blue Trust Inc.’s holdings in Otis Worldwide were worth $412,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of OTIS. Riverview Trust Co acquired a new position in Otis Worldwide during the third quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% in the fourth 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 purchased a new position in Otis Worldwide during the third quarter worth approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other Otis Worldwide 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 $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company cut their price target 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. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Stock Up 0.1 %

NYSE:OTIS opened at $95.43 on Friday. Otis Worldwide Co. has a 52 week low of $87.57 and a 52 week high of $106.33. The stock’s fifty day moving average is $95.91 and its two-hundred day moving average is $97.15. The stock has a market capitalization of $38.12 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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 negative return on equity of 31.57% and a net margin of 11.53%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

Otis Worldwide declared that its board has initiated a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 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.