Hanson & Doremus Investment Management Buys 150 Shares of Otis Worldwide Co. (NYSE:OTIS)

Hanson & Doremus Investment Management grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 15.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,097 shares of the company’s stock after acquiring an additional 150 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Otis Worldwide were worth $102,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its stake in Otis Worldwide by 6.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 60,427 shares of the company’s stock worth $5,817,000 after purchasing an additional 3,474 shares in the last quarter. EP Wealth Advisors LLC increased its stake in Otis Worldwide by 33.5% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,979 shares of the company’s stock worth $576,000 after purchasing an additional 1,502 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Otis Worldwide during the 2nd quarter worth approximately $2,073,000. Heritage Wealth Management Inc. bought a new stake in Otis Worldwide during the 2nd quarter worth approximately $302,000. Finally, Czech National Bank increased its stake in Otis Worldwide by 5.9% during the 3rd quarter. Czech National Bank now owns 81,597 shares of the company’s stock worth $8,481,000 after purchasing an additional 4,549 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 0.8 %

NYSE OTIS opened at $95.39 on Friday. The company has a market cap of $38.11 billion, a PE ratio of 23.79 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $87.57 and a 12 month high of $106.33. The stock has a 50 day moving average of $96.02 and a 200-day moving average of $97.18.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 11.48% and a negative return on equity of 31.28%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared 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. This represents a $1.56 annualized dividend and a yield of 1.64%. Otis Worldwide’s dividend payout ratio is 38.90%.

Otis Worldwide declared that its board has authorized a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on OTIS shares. UBS Group assumed 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. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays decreased 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. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

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.