NewEdge Advisors LLC Acquires 514 Shares of Otis Worldwide Co. (NYSE:OTIS)

NewEdge Advisors LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,653 shares of the company’s stock after purchasing an additional 514 shares during the quarter. NewEdge Advisors LLC’s holdings in Otis Worldwide were worth $894,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock valued at $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. grew its position in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock valued at $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $649,883,000. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.63.

Otis Worldwide Trading Up 0.2 %

Shares of NYSE OTIS opened at $92.96 on Friday. The stock has a market cap of $36.86 billion, a price-to-earnings ratio of 22.90 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The stock’s 50-day moving average is $99.06 and its 200 day moving average is $98.31.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. On average, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.81%. Otis Worldwide’s dividend payout ratio is 44.09%.

Otis Worldwide announced that its board has approved a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction 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 transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This 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, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company’s stock.

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.