Otis Worldwide Co. (NYSE:OTIS) Stock Position Raised by Trivant Custom Portfolio Group LLC

Trivant Custom Portfolio Group LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 15,230 shares of the company’s stock after acquiring an additional 243 shares during the period. Trivant Custom Portfolio Group LLC’s holdings in Otis Worldwide were worth $1,410,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide during the third quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at about $29,000. Fortitude Family Office LLC lifted its holdings in 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 purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the 3rd quarter valued at about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Barclays lowered their price target 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. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $94.76 on Friday. The company has a 50 day moving average price of $96.80 and a 200 day moving average price of $97.27. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33. The firm has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. Equities analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has approved a stock buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio is 38.90%.

About Otis Worldwide

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.