AdvisorShares Investments LLC Has $7.06 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

AdvisorShares Investments LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,222 shares of the company’s stock after purchasing an additional 10,178 shares during the period. Otis Worldwide accounts for about 1.4% of AdvisorShares Investments LLC’s investment portfolio, making the stock its 14th largest position. AdvisorShares Investments LLC’s holdings in Otis Worldwide were worth $7,059,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in OTIS. Transce3nd LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $28,000. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% in 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 acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.8 %

Shares of OTIS opened at $93.68 on Tuesday. The stock’s fifty day simple moving average is $98.97 and its 200-day simple moving average is $98.17. The firm has a market capitalization of $37.06 billion, a PE ratio of 23.07 and a beta of 1.00. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. Otis Worldwide’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a $0.42 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday. Finally, Royal Bank of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.00.

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.