Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Xponance Inc.

Xponance Inc. grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the fourth quarter, HoldingsChannel reports. The fund owned 57,999 shares of the company’s stock after buying an additional 2,307 shares during the quarter. Xponance Inc.’s holdings in Otis Worldwide were worth $5,371,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth about $36,000. Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $33,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.0 %

NYSE OTIS opened at $102.72 on Thursday. The stock has a market cap of $40.73 billion, a PE ratio of 25.30 and a beta of 1.05. The business has a 50 day moving average price of $97.32 and a two-hundred day moving average price of $98.24. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released 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%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the company’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 directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by insiders.

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.