ICW Investment Advisors LLC Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

ICW Investment Advisors LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,522 shares of the company’s stock after purchasing an additional 193 shares during the period. ICW Investment Advisors LLC’s holdings in Otis Worldwide were worth $604,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of OTIS. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its holdings in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Canoe Financial LP increased its holdings in Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares in the last quarter. National Bank of Canada FI increased its holdings in Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after buying an additional 523,518 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after buying an additional 391,206 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTIS. Wolfe Research downgraded 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. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 completion of the transaction, the insider now directly 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. In the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Shares of NYSE:OTIS opened at $100.97 on Monday. The stock has a 50 day moving average of $97.73 and a 200 day moving average of $98.36. The company has a market cap of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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

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.