HighPoint Advisor Group LLC Has $1.07 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

HighPoint Advisor Group LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,054 shares of the company’s stock after purchasing an additional 217 shares during the period. HighPoint Advisor Group LLC’s holdings in Otis Worldwide were worth $1,069,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth about $33,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth about $34,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth about $34,000. Finally, OFI Invest Asset Management purchased a new position in Otis Worldwide during the 4th quarter valued at about $37,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $104.01 on Wednesday. The stock has a market cap of $41.24 billion, a P/E ratio of 25.62 and a beta of 1.05. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The firm’s fifty day moving average price is $99.03 and its 200-day moving average price is $98.86.

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 the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has initiated a stock buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last three months. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OTIS. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Wells Fargo & Company decreased their price target 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. Finally, Barclays lifted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $103.00.

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.