McElhenny Sheffield Capital Management LLC Invests $537,000 in Otis Worldwide Co. (NYSE:OTIS)

McElhenny Sheffield Capital Management LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 5,802 shares of the company’s stock, valued at approximately $537,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide during the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its holdings in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated 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 in the company, 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 is accessible through this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on OTIS shares. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Finally, Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Up 1.7 %

Shares of NYSE OTIS opened at $94.76 on Friday. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The company has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. The business’s 50 day moving average price is $96.80 and its two-hundred day moving average price is $97.28.

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

Otis Worldwide declared that its Board of Directors has initiated 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 buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

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.