Otis Worldwide Co. (NYSE:OTIS) Position Boosted by Mizuho Securities USA LLC

Mizuho Securities USA LLC lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 45.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,860 shares of the company’s stock after purchasing an additional 11,886 shares during the period. Mizuho Securities USA LLC’s holdings in Otis Worldwide were worth $3,506,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Truvestments Capital LLC bought a new position in Otis Worldwide in the third quarter worth about $36,000. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth about $33,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the fourth quarter worth about $34,000. Finally, Golden State Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth about $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last quarter. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

NYSE OTIS opened at $100.97 on Monday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. The company’s 50 day simple moving average is $97.73 and its 200 day simple moving average is $98.36.

Otis Worldwide (NYSE:OTIS) last posted 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 net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed 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 1.54%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Analysts Set New Price Targets

A number of brokerages have issued reports on OTIS. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. JPMorgan Chase & Co. cut their target price on shares of 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 target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.88.

About Otis Worldwide

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.