Venturi Wealth Management LLC Grows Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Venturi Wealth Management LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 223.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 927 shares of the company’s stock after buying an additional 640 shares during the quarter. Venturi Wealth Management LLC’s holdings in Otis Worldwide were worth $86,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Allworth Financial LP boosted its holdings in shares of Otis Worldwide by 529.2% in the 4th quarter. Allworth Financial LP now owns 28,124 shares of the company’s stock valued at $2,683,000 after purchasing an additional 23,654 shares during the last quarter. Seascape Capital Management boosted its holdings in Otis Worldwide by 0.8% in the fourth quarter. Seascape Capital Management now owns 34,130 shares of the company’s stock valued at $3,161,000 after acquiring an additional 271 shares during the last quarter. PineStone Asset Management Inc. grew its position in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after acquiring an additional 121,322 shares during the period. Kanawha Capital Management LLC increased its stake in Otis Worldwide by 0.7% during the fourth quarter. Kanawha Capital Management LLC now owns 49,320 shares of the company’s stock worth $4,568,000 after acquiring an additional 364 shares during the last quarter. Finally, V Square Quantitative Management LLC raised its holdings in shares of Otis Worldwide by 15.8% in the 4th quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company’s stock worth $833,000 after purchasing an additional 1,224 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $98.44 on Monday. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33. The company has a market capitalization of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06. The business has a 50-day moving average of $94.65 and a 200-day moving average of $97.31.

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

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on OTIS shares. Wolfe Research downgraded 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. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price objective 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. Two equities 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 company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.88.

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.