Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Seascape Capital Management

Seascape Capital Management raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,130 shares of the company’s stock after buying an additional 271 shares during the period. Seascape Capital Management’s holdings in Otis Worldwide were worth $3,161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Exchange Traded Concepts LLC raised its holdings in Otis Worldwide by 1,094.9% during the third quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock worth $145,000 after purchasing an additional 1,281 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Otis Worldwide by 1.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company’s stock valued at $1,066,000 after purchasing an additional 151 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Otis Worldwide by 0.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company’s stock worth $4,483,000 after buying an additional 191 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Otis Worldwide by 14.8% in the third quarter. V Square Quantitative Management LLC now owns 7,769 shares of the company’s stock valued at $808,000 after buying an additional 1,003 shares during the period. Finally, Riverview Trust Co bought a new position in Otis Worldwide during the third quarter valued at about $25,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Barclays cut their price target 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 shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective 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. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $102.88.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 1.3 %

Shares of Otis Worldwide stock opened at $96.77 on Friday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a market cap of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06. The business has a fifty day simple moving average of $94.77 and a 200-day simple moving average of $97.14.

Otis Worldwide (NYSE:OTIS) last released its 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 31.76%. Analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders 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 annualized dividend and a yield of 1.61%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its board has initiated a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are 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.