NEOS Investment Management LLC Grows Position in Otis Worldwide Co. (NYSE:OTIS)

NEOS Investment Management LLC raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 30.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 21,401 shares of the company’s stock after purchasing an additional 4,973 shares during the period. NEOS Investment Management LLC’s holdings in Otis Worldwide were worth $1,982,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cerity Partners LLC boosted its position in Otis Worldwide by 41.7% during the third quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after purchasing an additional 14,348 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Otis Worldwide by 7.5% in the 3rd quarter. Bank of Montreal Can now owns 409,792 shares of the company’s stock valued at $42,795,000 after buying an additional 28,436 shares in the last quarter. FMR LLC grew its position in shares of Otis Worldwide by 2.9% in the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company’s stock worth $367,543,000 after buying an additional 101,278 shares during the last quarter. D.A. Davidson & CO. raised its stake in shares of Otis Worldwide by 5.3% during the 3rd quarter. D.A. Davidson & CO. now owns 13,490 shares of the company’s stock worth $1,402,000 after acquiring an additional 681 shares in the last quarter. Finally, Townsquare Capital LLC lifted its position in Otis Worldwide by 7.4% during the third quarter. Townsquare Capital LLC now owns 5,225 shares of the company’s stock valued at $543,000 after acquiring an additional 359 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Barclays raised their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $103.00.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s 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 transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

Shares of NYSE:OTIS opened at $102.08 on Friday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock has a market cap of $40.48 billion, a price-to-earnings ratio of 25.14 and a beta of 1.05. The business has a 50-day moving average price of $98.69 and a 200-day moving average price of $98.63.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS 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%. As a group, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.53%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its board has approved a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.