Dash Acquisitions Inc. Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Dash Acquisitions Inc. lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 13,071 shares of the company’s stock after purchasing an additional 423 shares during the period. Dash Acquisitions Inc.’s holdings in Otis Worldwide were worth $1,253,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Boston Financial Mangement LLC grew its position in Otis Worldwide by 0.7% during the fourth quarter. Boston Financial Mangement LLC now owns 23,727 shares of the company’s stock worth $2,197,000 after buying an additional 175 shares during the period. Private Advisor Group LLC grew its holdings in shares of Otis Worldwide by 2.8% in the 4th quarter. Private Advisor Group LLC now owns 21,404 shares of the company’s stock worth $1,982,000 after acquiring an additional 591 shares during the period. Davidson Investment Advisors increased its stake in Otis Worldwide by 1.6% in the 4th quarter. Davidson Investment Advisors now owns 173,540 shares of the company’s stock valued at $16,072,000 after purchasing an additional 2,808 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Otis Worldwide during the fourth quarter worth $334,000. Finally, Kestra Investment Management LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $73,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. dropped 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. Barclays dropped their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a 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 began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

OTIS opened at $98.24 on Thursday. The stock has a market capitalization of $38.95 billion, a price-to-earnings ratio of 24.20 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The business has a 50-day moving average of $94.62 and a two-hundred day moving average of $97.20.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 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%. Equities research analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on 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 of the company’s stock, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 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.