Kohmann Bosshard Financial Services LLC Buys Shares of 432 Otis Worldwide Co. (NYSE:OTIS)

Kohmann Bosshard Financial Services LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 432 shares of the company’s stock, valued at approximately $40,000.

Other hedge funds have also recently made changes to their positions in the company. M&T Bank Corp raised its stake in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the period. Daiwa Securities Group Inc. grew its position 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 valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of 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 in the last quarter. Finally, Wilmington Savings Fund Society FSB grew its position in shares of Otis Worldwide by 297.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after purchasing an additional 9,979 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 0.9 %

Otis Worldwide stock opened at $100.64 on Tuesday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The business has a 50-day simple moving average of $95.24 and a 200 day simple moving average of $97.59. The stock has a market cap of $39.91 billion, a price-to-earnings ratio of 24.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on 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. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their target price 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.