DMKC Advisory Services LLC Takes $1.86 Million Position in Otis Worldwide Co. (NYSE:OTIS)

DMKC Advisory Services LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, HoldingsChannel reports. The fund bought 20,116 shares of the company’s stock, valued at approximately $1,863,000. Otis Worldwide accounts for about 1.7% of DMKC Advisory Services LLC’s holdings, making the stock its 29th biggest holding.

A number of other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC raised its stake 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 acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $33,000. Capital Performance Advisors LLP bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on OTIS shares. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. 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. Wells Fargo & Company decreased their price objective 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. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Barclays reduced their target price 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Trading Up 1.4 %

Shares of NYSE OTIS opened at $100.05 on Wednesday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The firm’s 50-day moving average is $94.77 and its 200-day moving average is $97.40. The firm has a market capitalization of $39.67 billion, a PE ratio of 24.64 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 (EPS) 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, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.56%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock valued at $10,046,255. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.