DF Dent & Co. Inc. Has $783,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

DF Dent & Co. Inc. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,458 shares of the company’s stock after purchasing an additional 217 shares during the period. DF Dent & Co. Inc.’s holdings in Otis Worldwide were worth $783,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Townsquare Capital LLC increased its stake in shares of Otis Worldwide by 7.4% in the 3rd quarter. Townsquare Capital LLC now owns 5,225 shares of the company’s stock valued at $543,000 after acquiring an additional 359 shares during the last quarter. Holocene Advisors LP acquired a new stake in Otis Worldwide in the third quarter worth $5,269,000. Hilltop Holdings Inc. boosted its position in shares of Otis Worldwide by 22.2% during the third quarter. Hilltop Holdings Inc. now owns 3,596 shares of the company’s stock worth $374,000 after purchasing an additional 653 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Otis Worldwide by 50.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 13,408 shares of the company’s stock valued at $1,394,000 after buying an additional 4,500 shares during the period. Finally, IHT Wealth Management LLC increased its position in shares of Otis Worldwide by 20.6% in the 3rd quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock valued at $568,000 after buying an additional 935 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business’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 value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last quarter. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on OTIS shares. Barclays raised their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Wells Fargo & Company decreased their price objective 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. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.00.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $104.18 on Friday. The stock’s 50-day simple moving average is $99.36 and its 200 day simple moving average is $98.94. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a market cap of $41.31 billion, a P/E ratio of 25.66 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal 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 shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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.