By otakuyassine3@gmail.com 
Assetmark Inc. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 178.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,325 shares of the company’s stock after acquiring an additional 849 shares during the quarter. Assetmark Inc.’s holdings in Otis Worldwide were worth $123,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. M&T Bank Corp lifted its holdings in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the last quarter. PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its holdings in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Two 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.88.
Otis Worldwide Price Performance
OTIS stock opened at $100.69 on Friday. The stock has a market capitalization of $39.93 billion, a P/E ratio of 24.80 and a beta of 1.05. The business has a 50-day moving average of $96.73 and a 200-day moving average of $98.04. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.
Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.
Otis Worldwide Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide’s payout ratio is currently 38.42%.
Otis Worldwide announced that its board has approved a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Insider Buying and Selling
In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide 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 directly owns 169 shares of the company’s stock, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % 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. 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.
Further Reading
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