Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 15.6% during the 4th quarter, HoldingsChannel reports. The firm owned 63,086 shares of the company’s stock after buying an additional 8,507 shares during the quarter. Cibc World Markets Corp’s holdings in Otis Worldwide were worth $5,842,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Resonant Capital Advisors LLC boosted its position in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares in the last quarter. Montis Financial LLC boosted its position in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. boosted its position in Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock worth $600,000 after purchasing an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its position in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Up 1.0 %

NYSE:OTIS opened at $102.72 on Thursday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The company has a market cap of $40.73 billion, a P/E ratio of 25.30 and a beta of 1.05. The company’s 50-day moving average price is $97.32 and its 200-day moving average price is $98.24.

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

Otis Worldwide Dividend Announcement

The business 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 was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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