Wealthspire Advisors LLC Buys 190 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wealthspire Advisors LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,465 shares of the company’s stock after acquiring an additional 190 shares during the period. Wealthspire Advisors LLC’s holdings in Otis Worldwide were worth $228,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the 3rd quarter worth $29,000. Fortitude Family Office LLC boosted its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Capital Performance Advisors LLP acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $98.06 on Friday. The stock has a market capitalization of $38.88 billion, a P/E ratio of 24.15 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The company has a 50 day moving average price of $94.97 and a 200 day moving average price of $97.42.

Otis Worldwide (NYSE:OTIS) last released 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%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on OTIS. JPMorgan Chase & Co. reduced their price objective 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. Wells Fargo & Company reduced 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. Barclays lowered their price objective 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. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was 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, CEO Judith Fran Marks sold 38,012 shares of the business’s 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 $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 in the last ninety days. 0.23% of the stock is owned by corporate insiders.

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.