DAVENPORT & Co LLC Grows Holdings in Otis Worldwide Co. (NYSE:OTIS)

DAVENPORT & Co LLC raised its position in Otis Worldwide Co. (NYSE:OTIS) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,173 shares of the company’s stock after purchasing an additional 197 shares during the period. DAVENPORT & Co LLC’s holdings in Otis Worldwide were worth $1,313,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Riverview Trust Co acquired a new stake in Otis Worldwide during the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC raised its holdings in 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 acquiring an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the 3rd quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.1 %

Shares of NYSE OTIS opened at $94.53 on Thursday. The firm has a 50-day moving average of $95.44 and a two-hundred day moving average of $97.05. The company has a market capitalization of $37.76 billion, a price-to-earnings ratio of 23.28 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, research analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has approved a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,481 shares of company stock valued at $7,159,509 over the last three months. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group began coverage on Otis Worldwide in a 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 research report on Wednesday, January 8th. Wells Fargo & Company cut their price objective on shares of 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. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, 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 research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $102.88.

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.