Larson Financial Group LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Larson Financial Group LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,763 shares of the company’s stock after acquiring an additional 368 shares during the period. Larson Financial Group LLC’s holdings in Otis Worldwide were worth $626,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mesirow Financial Investment Management Inc. lifted its position in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after buying an additional 117 shares in the last quarter. Andra AP fonden raised its stake in Otis Worldwide by 52.5% during the 4th quarter. Andra AP fonden now owns 226,034 shares of the company’s stock worth $20,933,000 after acquiring an additional 77,800 shares during the period. Callan Family Office LLC purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $331,000. Candriam S.C.A. boosted its position in shares of Otis Worldwide by 9.9% in the fourth quarter. Candriam S.C.A. now owns 501,080 shares of the company’s stock worth $46,405,000 after purchasing an additional 44,980 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Otis Worldwide in the fourth quarter worth $24,451,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on OTIS shares. Wells Fargo & Company lowered 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 lowered 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. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Two equities 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, the company presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,621 shares of company stock worth $10,046,255. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.5 %

OTIS opened at $104.08 on Monday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a 50-day moving average of $95.88 and a 200 day moving average of $97.85. The firm has a market cap of $41.27 billion, a P/E ratio of 25.63 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors 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.