Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Increased by Montis Financial LLC

Montis Financial LLC boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,216 shares of the company’s stock after purchasing an additional 110 shares during the period. Montis Financial LLC’s holdings in Otis Worldwide were worth $205,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its holdings in shares of Otis Worldwide by 543.2% during the 3rd quarter. Assetmark Inc. now owns 476 shares of the company’s stock valued at $49,000 after buying an additional 402 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide in the third quarter valued at approximately $29,000. Harbour Investments Inc. grew its position in Otis Worldwide by 11.4% in the third quarter. Harbour Investments Inc. now owns 2,174 shares of the company’s stock worth $226,000 after acquiring an additional 222 shares in the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Otis Worldwide by 30.0% during the 3rd quarter. Aptus Capital Advisors LLC now owns 4,645 shares of the company’s stock worth $483,000 after purchasing an additional 1,073 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Otis Worldwide by 30.0% during the 3rd quarter. Victory Capital Management Inc. now owns 685,347 shares of the company’s stock valued at $71,235,000 after purchasing an additional 158,010 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s 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 directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OTIS shares. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Two equities research 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Up 1.1 %

Shares of OTIS stock opened at $100.69 on Friday. The stock has a 50 day moving average of $96.73 and a 200-day moving average of $98.04. The firm has a market cap of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

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 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%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share 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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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.