Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp raised its position in Otis Worldwide Co. (NYSE:OTIS) by 1.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 73,086 shares of the company’s stock after acquiring an additional 742 shares during the period. Peapack Gladstone Financial Corp’s holdings in Otis Worldwide were worth $6,769,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Otis Worldwide by 18.8% during the 4th quarter. Russell Investments Group Ltd. now owns 1,345,551 shares of the company’s stock valued at $124,607,000 after buying an additional 212,555 shares during the period. Wedbush Securities Inc. increased its stake in Otis Worldwide by 39.7% during the fourth quarter. Wedbush Securities Inc. now owns 6,427 shares of the company’s stock worth $595,000 after acquiring an additional 1,826 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Otis Worldwide by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 558,086 shares of the company’s stock valued at $51,684,000 after purchasing an additional 12,310 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Otis Worldwide by 1.2% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,159,105 shares of the company’s stock valued at $477,785,000 after purchasing an additional 60,564 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Otis Worldwide during the 4th quarter worth $824,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OTIS shares. Wells Fargo & Company reduced 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. Barclays upped their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lowered their price target 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 9.1 %

Shares of NYSE OTIS opened at $94.85 on Monday. The stock has a market cap of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. The business’s fifty day simple moving average is $99.32 and its 200-day simple moving average is $98.99. Otis Worldwide Co. has a 12-month low of $88.24 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced 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%. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide declared that its board has initiated a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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.