Generali Asset Management SPA SGR Makes New $1.51 Million Investment in Otis Worldwide Co. (NYSE:OTIS)

Generali Asset Management SPA SGR bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 16,253 shares of the company’s stock, valued at approximately $1,505,000.

Several other large investors have also bought and sold shares of OTIS. Fortitude Family Office LLC grew its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide in the third quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on OTIS shares. Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wolfe Research lowered 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 report on Thursday, December 12th. JPMorgan Chase & Co. cut their target price on shares of 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 cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $101.90 on Friday. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The company has a market capitalization of $40.40 billion, a P/E ratio of 25.10 and a beta of 1.05. The firm’s 50 day simple moving average is $97.52 and its two-hundred day simple moving average is $98.27.

Otis Worldwide (NYSE:OTIS) last issued 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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 issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were 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 of the company’s stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by corporate insiders.

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.