Sanibel Captiva Trust Company Inc. Purchases 385 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sanibel Captiva Trust Company Inc. raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,469 shares of the company’s stock after acquiring an additional 385 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Otis Worldwide were worth $1,062,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Arkadios Wealth Advisors lifted its holdings in shares of Otis Worldwide by 20.0% during the fourth quarter. Arkadios Wealth Advisors now owns 2,996 shares of the company’s stock valued at $277,000 after purchasing an additional 499 shares in the last quarter. Canoe Financial LP raised its position in Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares during the last quarter. Trivant Custom Portfolio Group LLC lifted its stake in Otis Worldwide by 1.6% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 15,230 shares of the company’s stock valued at $1,410,000 after acquiring an additional 243 shares during the period. Brooklyn Investment Group boosted its holdings in shares of Otis Worldwide by 18.8% during the 4th quarter. Brooklyn Investment Group now owns 1,171 shares of the company’s stock valued at $108,000 after acquiring an additional 185 shares during the last quarter. Finally, Merit Financial Group LLC grew its stake in shares of Otis Worldwide by 6.9% in the fourth quarter. Merit Financial Group LLC now owns 10,790 shares of the company’s stock worth $999,000 after acquiring an additional 694 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.7 %

Shares of OTIS opened at $94.76 on Friday. The business has a 50-day simple moving average of $96.80 and a two-hundred day simple moving average of $97.27. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33. The stock has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the company posted $0.95 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wolfe Research downgraded 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. Barclays cut their price objective 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 lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Finally, UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $103.88.

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.