Spire Wealth Management Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Spire Wealth Management raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 43.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,299 shares of the company’s stock after purchasing an additional 392 shares during the period. Spire Wealth Management’s holdings in Otis Worldwide were worth $120,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Finally, 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 research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 75,481 shares of company stock valued at $7,159,509. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.3 %

Otis Worldwide stock opened at $94.83 on Friday. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The firm has a fifty day moving average of $95.14 and a 200-day moving average of $97.01. The firm has a market capitalization of $37.60 billion, a P/E ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. On average, research analysts expect that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has authorized 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 often an indication that the company’s leadership believes its stock is undervalued.

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.