Mizuho Securities USA LLC Has $3.51 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Mizuho Securities USA LLC increased its position in Otis Worldwide Co. (NYSE:OTIS) by 45.8% in the fourth quarter, HoldingsChannel reports. The firm owned 37,860 shares of the company’s stock after acquiring an additional 11,886 shares during the period. Mizuho Securities USA LLC’s holdings in Otis Worldwide were worth $3,506,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

Shares of OTIS opened at $100.97 on Monday. The company has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The company’s fifty day moving average price is $97.73 and its 200 day moving average price is $98.36.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 31.76% and a net margin of 11.53%. Analysts anticipate 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 repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OTIS. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.