7,654 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,654 shares of the company’s stock, valued at approximately $709,000.

Several other institutional investors have also recently bought and sold shares of the business. Czech National Bank increased its position in Otis Worldwide by 5.9% during the 3rd quarter. Czech National Bank now owns 81,597 shares of the company’s stock worth $8,481,000 after purchasing an additional 4,549 shares in the last quarter. CWM LLC increased its holdings in shares of Otis Worldwide by 1.0% during the third quarter. CWM LLC now owns 17,727 shares of the company’s stock worth $1,843,000 after buying an additional 181 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Otis Worldwide by 254.8% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,112 shares of the company’s stock valued at $323,000 after acquiring an additional 2,235 shares during the last quarter. Meyer Handelman Co. boosted its holdings in shares of Otis Worldwide by 3.2% during the 3rd quarter. Meyer Handelman Co. now owns 106,541 shares of the company’s stock valued at $11,074,000 after acquiring an additional 3,265 shares in the last quarter. Finally, Guinness Asset Management LTD grew its position in Otis Worldwide by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company’s stock worth $192,389,000 after acquiring an additional 81,045 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.3 %

OTIS stock opened at $94.83 on Friday. The company’s fifty day simple moving average is $95.14 and its 200 day simple moving average is $97.01. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Research analysts expect that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide announced that its board has approved a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors 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. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is presently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value 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. This represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’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 sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,481 shares of company stock valued at $7,159,509 over the last ninety days. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Barclays decreased their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two 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 data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average 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.