Golden State Wealth Management LLC Acquires Shares of 372 Otis Worldwide Co. (NYSE:OTIS)

Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 372 shares of the company’s stock, valued at approximately $34,000.

Several other institutional investors and hedge funds also recently modified their holdings of OTIS. M&T Bank Corp lifted its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Finally, Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 in the last ninety days. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Up 0.6 %

Shares of OTIS stock opened at $96.61 on Wednesday. The business has a 50 day moving average of $94.94 and a two-hundred day moving average of $97.09. The company has a market cap of $38.31 billion, a P/E ratio of 23.80 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $89.37 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued 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 31.76% and a net margin of 11.53%. Analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report 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. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target 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.