Kanawha Capital Management LLC Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Kanawha Capital Management LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,320 shares of the company’s stock after buying an additional 364 shares during the quarter. Kanawha Capital Management LLC’s holdings in Otis Worldwide were worth $4,568,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. V Square Quantitative Management LLC lifted its holdings in Otis Worldwide by 15.8% in the 4th quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company’s stock worth $833,000 after purchasing an additional 1,224 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in Otis Worldwide by 1.4% during the 4th quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company’s stock valued at $963,000 after buying an additional 141 shares during the period. Asset Management One Co. Ltd. raised its holdings in Otis Worldwide by 1.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 150,615 shares of the company’s stock valued at $14,086,000 after buying an additional 2,807 shares during the period. Avestar Capital LLC raised its holdings in Otis Worldwide by 6.9% during the 4th quarter. Avestar Capital LLC now owns 2,228 shares of the company’s stock valued at $206,000 after buying an additional 143 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Otis Worldwide during the 4th quarter valued at $334,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on OTIS. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. 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 report on Thursday, December 12th. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Finally, UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $102.88.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on 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 transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $97.99 on Friday. The stock has a 50-day moving average of $94.83 and a two-hundred day moving average of $97.09. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The stock has a market cap of $38.85 billion, a PE ratio of 24.13 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.