Kohmann Bosshard Financial Services LLC Takes $40,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Kohmann Bosshard Financial Services LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 432 shares of the company’s stock, valued at approximately $40,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. BSW Wealth Partners increased its stake in shares of Otis Worldwide by 29.9% in the third quarter. BSW Wealth Partners now owns 3,987 shares of the company’s stock valued at $414,000 after buying an additional 918 shares during the period. Intact Investment Management Inc. acquired a new stake in Otis Worldwide during the third quarter worth approximately $72,000. Cohen Capital Management Inc. grew its stake in Otis Worldwide by 0.7% during the third quarter. Cohen Capital Management Inc. now owns 47,996 shares of the company’s stock worth $4,989,000 after purchasing an additional 310 shares during the period. National Pension Service grew its stake in Otis Worldwide by 9.9% during the third quarter. National Pension Service now owns 1,175,241 shares of the company’s stock worth $122,155,000 after purchasing an additional 105,527 shares during the period. Finally, QRG Capital Management Inc. grew its stake in Otis Worldwide by 7.8% during the third quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock worth $4,255,000 after purchasing an additional 2,958 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company decreased their target price on 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. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $100.64 on Tuesday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The stock has a 50 day moving average price of $95.24 and a two-hundred day moving average price of $97.59. The stock has a market capitalization of $39.91 billion, a PE ratio of 24.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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%. Research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 over the last 90 days. 0.23% of the stock is currently owned by corporate insiders.

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.