Park Avenue Securities LLC Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Park Avenue Securities LLC increased its position in Otis Worldwide Co. (NYSE:OTISFree Report) by 58.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,868 shares of the company’s stock after acquiring an additional 8,433 shares during the quarter. Park Avenue Securities LLC’s holdings in Otis Worldwide were worth $2,118,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OTIS. Fifth Third Wealth Advisors LLC boosted its holdings in Otis Worldwide by 3.8% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 4,416 shares of the company’s stock valued at $409,000 after purchasing an additional 162 shares during the period. Oak Thistle LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $2,283,000. SeaCrest Wealth Management LLC raised its position in shares of Otis Worldwide by 38.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 2,780 shares of the company’s stock worth $257,000 after buying an additional 778 shares in the last quarter. Cooper Financial Group boosted its stake in Otis Worldwide by 3.7% during the fourth quarter. Cooper Financial Group now owns 6,613 shares of the company’s stock valued at $612,000 after buying an additional 237 shares during the period. Finally, Wedmont Private Capital grew its position in Otis Worldwide by 4.9% during the fourth quarter. Wedmont Private Capital now owns 6,400 shares of the company’s stock worth $581,000 after buying an additional 299 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on 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. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.76 on Friday. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The firm has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. The business has a 50 day moving average price of $96.91 and a 200-day moving average price of $97.28.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is presently 38.90%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday. Barclays dropped their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Two equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $103.88.

Read Our Latest Stock Report on OTIS

Otis Worldwide Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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