Bridges Investment Management Inc. Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Bridges Investment Management Inc. boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.4% in the 4th quarter, Holdings Channel reports. The firm owned 11,188 shares of the company’s stock after purchasing an additional 472 shares during the period. Bridges Investment Management Inc.’s holdings in Otis Worldwide were worth $1,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of OTIS. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $33,000. Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the 3rd quarter valued at $34,000. Finally, Golden State Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $99.78 on Monday. The firm has a market capitalization of $39.56 billion, a price-to-earnings ratio of 24.58 and a beta of 1.06. The business’s 50 day simple moving average is $95.10 and its 200-day simple moving average is $97.54. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Otis Worldwide declared that its board has authorized a share repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on OTIS shares. Wolfe Research cut shares of 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. Barclays reduced their price objective 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. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $102.88.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,621 shares of company stock worth $10,046,255. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.