Otis Worldwide Co. (NYSE:OTIS) Stock Position Increased by Diversify Wealth Management LLC

Diversify Wealth Management LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 87.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,763 shares of the company’s stock after purchasing an additional 5,483 shares during the period. Diversify Wealth Management LLC’s holdings in Otis Worldwide were worth $1,068,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in OTIS. Optas LLC increased its stake in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares during the period. Rehmann Capital Advisory Group increased its stake in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares during the period. Brighton Jones LLC raised its holdings in Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares in the last quarter. Groupama Asset Managment raised its holdings in Otis Worldwide by 1.4% during the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after purchasing an additional 132 shares in the last quarter. Finally, Selway Asset Management lifted its position in Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $94.76 on Tuesday. The company has a market cap of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The firm’s 50 day simple moving average is $96.80 and its 200-day simple moving average is $97.29.

Otis Worldwide (NYSE:OTIS) last announced 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). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. On average, analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s payout ratio is presently 38.90%.

Insider Activity

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

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. 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 note on Wednesday, January 15th. Barclays dropped their target price 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. Finally, 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 target price for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $103.88.

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.