Park Avenue Securities LLC Has $2.12 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 58.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,868 shares of the company’s stock after purchasing an additional 8,433 shares during the quarter. Park Avenue Securities LLC’s holdings in Otis Worldwide were worth $2,118,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $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 worth $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.7 %

OTIS opened at $94.76 on Friday. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The company’s 50-day moving average price is $96.91 and its two-hundred day moving average price is $97.28. The stock has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on OTIS. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays cut their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, Wolfe Research cut shares of 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.88.

Otis Worldwide Company 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.