Golden State Wealth Management LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 372 shares of the company’s stock, valued at approximately $34,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.61 on Wednesday. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The firm has a market capitalization of $38.31 billion, a PE ratio of 23.80 and a beta of 1.06. The company’s fifty day moving average price is $94.94 and its two-hundred day moving average price is $97.09.

Otis Worldwide (NYSE:OTIS) last posted its 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%. Analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares of the company’s stock, valued at $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 is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 in the last ninety days. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company dropped their price objective on 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, Wolfe Research cut 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 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $102.88.

About Otis Worldwide

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.