Ashburton Jersey Ltd Invests $3.62 Million in Otis Worldwide Co. (NYSE:OTIS)

Ashburton Jersey Ltd purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,099 shares of the company’s stock, valued at approximately $3,621,000. Otis Worldwide accounts for approximately 1.6% of Ashburton Jersey Ltd’s holdings, making the stock its 21st largest holding.

Other large investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $28,000. Fortitude Family Office LLC increased its position 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 worth $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Wolfe Research cut 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. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Barclays raised their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, March 26th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $103.00.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction dated 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. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $94.85 on Friday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a market capitalization of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00. The company has a fifty day moving average of $99.32 and a 200-day moving average of $98.96.

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

Otis Worldwide Dividend Announcement

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

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.