Quotient Wealth Partners LLC Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Quotient Wealth Partners LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,839 shares of the company’s stock after purchasing an additional 140 shares during the period. Quotient Wealth Partners LLC’s holdings in Otis Worldwide were worth $541,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. boosted 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 in the last quarter. Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp increased its holdings in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares during the last quarter. Canoe Financial LP increased its position in Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after purchasing an additional 523,518 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.3 %

OTIS stock opened at $94.83 on Monday. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. The business’s fifty day simple moving average is $95.14 and its two-hundred day simple moving average is $97.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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%. Research analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current year.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 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 $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,481 shares of company stock worth $7,159,509. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $102.88.

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.