Tyche Wealth Partners LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Tyche Wealth Partners LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,255 shares of the company’s stock, valued at approximately $202,000.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at about $370,013,000. Alliancebernstein L.P. boosted its stake in Otis Worldwide by 32.5% during the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after buying an additional 2,999,494 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares in the last quarter. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 300.6% during the third quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock valued at $228,428,000 after buying an additional 2,134,289 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after buying an additional 1,484,963 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $94.29.

Otis Worldwide Trading Up 0.6 %

Shares of NYSE OTIS opened at $95.49 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The firm has a market capitalization of $38.60 billion, a PE ratio of 28.17 and a beta of 1.01. The business has a 50-day moving average price of $96.03 and a two-hundred day moving average price of $88.73.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the company posted $0.75 EPS. Research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.