Headlands Technologies LLC Takes $188,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Headlands Technologies LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, Holdings Channel.com reports. The firm purchased 2,035 shares of the company’s stock, valued at approximately $188,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hilltop Holdings Inc. increased its position in shares of Otis Worldwide by 22.2% during the third quarter. Hilltop Holdings Inc. now owns 3,596 shares of the company’s stock worth $374,000 after purchasing an additional 653 shares in the last quarter. IHT Wealth Management LLC grew its stake in Otis Worldwide by 20.6% during the 3rd quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock worth $568,000 after buying an additional 935 shares during the last quarter. Morse Asset Management Inc purchased a new position in Otis Worldwide during the 3rd quarter worth approximately $130,000. Royal London Asset Management Ltd. increased its position in Otis Worldwide by 1.8% during the third quarter. Royal London Asset Management Ltd. now owns 201,255 shares of the company’s stock worth $20,918,000 after buying an additional 3,635 shares during the period. Finally, Stifel Financial Corp lifted its stake in Otis Worldwide by 3.7% in the third quarter. Stifel Financial Corp now owns 87,852 shares of the company’s stock valued at $9,132,000 after buying an additional 3,120 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction 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 transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Down 9.1 %

Shares of OTIS opened at $94.85 on Friday. The stock’s 50 day moving average is $99.32 and its two-hundred day moving average is $98.96. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The firm has a market capitalization of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Wells Fargo & Company cut 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. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays increased their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, four 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 target price of $103.00.

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.