Montis Financial LLC Purchases 110 Shares of Otis Worldwide Co. (NYSE:OTIS)

Montis Financial LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,216 shares of the company’s stock after acquiring an additional 110 shares during the period. Montis Financial LLC’s holdings in Otis Worldwide were worth $205,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the 3rd quarter worth about $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $34,000. Finally, Truvestments Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $36,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OTIS shares. Wells Fargo & Company reduced 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. 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 note on Thursday, December 12th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Barclays cut their target price on shares of 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 given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $102.88.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $100.69 on Friday. The stock has a market cap of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05. The stock has a 50-day moving average of $96.73 and a 200-day moving average of $98.04. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders 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 dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

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.