Greenleaf Trust Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Greenleaf Trust increased its position in Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,481 shares of the company’s stock after acquiring an additional 333 shares during the period. Greenleaf Trust’s holdings in Otis Worldwide were worth $971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Otis Worldwide in the third quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% during 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 in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $94.57 on Tuesday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The company has a market cap of $37.78 billion, a PE ratio of 23.29 and a beta of 1.06. The stock’s 50 day simple moving average is $95.75 and its 200-day simple moving average is $97.09.

Otis Worldwide (NYSE:OTIS) last announced 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 31.76% and a net margin of 11.53%. On average, equities research analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

OTIS has been the subject of several recent research reports. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. 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 research report on Thursday, December 12th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

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.