Elo Mutual Pension Insurance Co Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Elo Mutual Pension Insurance Co raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,767 shares of the company’s stock after buying an additional 7,076 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $3,961,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% in 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 last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at $33,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $34,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at about $34,000. Finally, OFI Invest Asset Management acquired a new position in Otis Worldwide in the fourth quarter valued at $37,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OTIS shares. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. reduced their price target 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. Barclays upped their target price on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. Finally, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.00.

Otis Worldwide Stock Down 0.9 %

NYSE:OTIS opened at $102.08 on Friday. The company’s 50-day moving average price is $98.69 and its two-hundred day moving average price is $98.63. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm has a market cap of $40.48 billion, a PE ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

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.