Clarendon Private LLC Makes New $349,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Clarendon Private LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,772 shares of the company’s stock, valued at approximately $349,000.

A number of other hedge funds also recently made changes to their positions in the business. Optas LLC boosted its stake in Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares during the period. Groupama Asset Managment boosted its stake in shares of Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after purchasing an additional 132 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Otis Worldwide by 2.9% in the 4th quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock worth $456,000 after purchasing an additional 137 shares during the last quarter. Finally, Selway Asset Management increased its position in shares of Otis Worldwide by 0.8% during the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Shares of NYSE OTIS opened at $96.61 on Friday. The firm has a market capitalization of $38.59 billion, a PE ratio of 24.09 and a beta of 1.06. The firm’s 50-day moving average is $96.36 and its 200-day moving average is $97.25. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 EPS. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Otis Worldwide announced that its board has initiated a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $103.88.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’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 in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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.