Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 43.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,452 shares of the company’s stock after buying an additional 1,345 shares during the period. Blue Trust Inc.’s holdings in Otis Worldwide were worth $412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $29,000. Fortitude Family Office LLC increased its holdings 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 purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the third quarter worth about $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $95.43 on Friday. The company has a fifty day moving average of $95.91 and a two-hundred day moving average of $97.15. The stock has a market capitalization of $38.12 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $87.57 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on OTIS shares. 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 dropped 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. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.88.

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.