Mission Wealth Management LP Sells 225 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mission Wealth Management LP decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,955 shares of the company’s stock after selling 225 shares during the period. Mission Wealth Management LP’s holdings in Otis Worldwide were worth $274,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC boosted its holdings in Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares during the last quarter. Rehmann Capital Advisory Group boosted its holdings in Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after buying an additional 122 shares during the last quarter. PFG Investments LLC boosted its holdings in Otis Worldwide by 4.1% during the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after buying an additional 131 shares during the last quarter. Groupama Asset Managment boosted its holdings in Otis Worldwide by 1.4% during the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after buying an additional 132 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in Otis Worldwide by 8.8% during the fourth quarter. IFP Advisors Inc now owns 1,676 shares of the company’s stock worth $155,000 after buying an additional 136 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $102.59 on Friday. The business’s 50 day simple moving average is $95.67 and its 200 day simple moving average is $97.71. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The firm has a market cap of $40.68 billion, a PE ratio of 25.27 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors has approved a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last 90 days. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OTIS. Wells Fargo & Company reduced their target price 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. JPMorgan Chase & Co. dropped their price target 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 Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Company 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.