Howland Capital Management LLC Buys 383 Shares of Otis Worldwide Co. (NYSE:OTIS)

Howland Capital Management LLC boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,852 shares of the company’s stock after purchasing an additional 383 shares during the period. Howland Capital Management LLC’s holdings in Otis Worldwide were worth $264,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC lifted its stake in 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 acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,481 shares of company stock worth $7,159,509. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 1.3 %

OTIS stock opened at $94.83 on Monday. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33. The stock has a market capitalization of $37.60 billion, a P/E ratio of 23.36 and a beta of 1.06. The firm has a 50-day moving average price of $95.14 and a 200-day moving average price of $97.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Analyst Ratings Changes

A number of brokerages have weighed in on OTIS. 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. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note 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 given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average 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.