Otis Worldwide Co. (NYSE:OTIS) Position Raised by Values First Advisors Inc.

Values First Advisors Inc. raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 104.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,381 shares of the company’s stock after buying an additional 1,727 shares during the period. Values First Advisors Inc.’s holdings in Otis Worldwide were worth $313,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of OTIS. CWM LLC grew its holdings in Otis Worldwide by 1.0% during the third quarter. CWM LLC now owns 17,727 shares of the company’s stock worth $1,843,000 after acquiring an additional 181 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Otis Worldwide by 1,094.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares in the last quarter. Wesbanco Bank Inc. grew its stake in shares of Otis Worldwide by 3.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock worth $3,604,000 after purchasing an additional 1,262 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Otis Worldwide by 1.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company’s stock worth $1,066,000 after purchasing an additional 151 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Otis Worldwide by 0.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company’s stock valued at $4,483,000 after purchasing an additional 191 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were 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 owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last 90 days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 0.1 %

OTIS stock opened at $96.78 on Thursday. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The company has a fifty day simple moving average of $94.85 and a 200 day simple moving average of $97.08. The firm has a market cap of $38.38 billion, a PE ratio of 23.84 and a beta of 1.06.

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%. As a group, analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its board 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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Barclays decreased their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Wolfe Research lowered 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. 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 company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $102.88.

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.