Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Dash Acquisitions Inc.

Dash Acquisitions Inc. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 13,071 shares of the company’s stock after purchasing an additional 423 shares during the period. Dash Acquisitions Inc.’s holdings in Otis Worldwide were worth $1,253,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% during 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. Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the 3rd quarter valued at approximately $34,000. Finally, Truvestments Capital LLC acquired a new position in shares of Otis Worldwide in the third quarter worth $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $98.24 on Thursday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The company has a market capitalization of $38.95 billion, a price-to-earnings ratio of 24.20 and a beta of 1.06. The firm’s fifty day moving average price is $94.62 and its 200 day moving average price is $97.20.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on OTIS shares. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insiders Place Their Bets

In other news, 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 value of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. Insiders own 0.23% of the company’s stock.

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.