Hanson & Doremus Investment Management Buys 150 Shares of Otis Worldwide Co. (NYSE:OTIS)

Hanson & Doremus Investment Management increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 15.8% during the fourth quarter, Holdings Channel reports. The firm owned 1,097 shares of the company’s stock after acquiring an additional 150 shares during the period. Hanson & Doremus Investment Management’s holdings in Otis Worldwide were worth $102,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the third quarter valued at about $29,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Otis Worldwide in the third quarter valued at about $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.39 on Friday. The stock’s 50 day moving average is $96.02 and its 200 day moving average is $97.18. The firm has a market cap of $38.11 billion, a P/E ratio of 23.79 and a beta of 1.06. Otis Worldwide Co. has a one year low of $87.57 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.28% and a net margin of 11.48%. 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 of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday. 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. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.88.

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.