Ethic Inc. Raises Stake in Otis Worldwide Co. (NYSE:OTIS)

Ethic Inc. lifted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,861 shares of the company's stock after purchasing an additional 2,622 shares during the period. Ethic Inc.'s holdings in Otis Worldwide were worth $6,840,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC increased its holdings in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares during the last quarter. Coldstream Capital Management Inc. raised its position in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC lifted its position in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares during the period. AlTi Global Inc. boosted its position in shares of Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after purchasing an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction 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 sale, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. The trade was a 9.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on OTIS. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $100.00.

Otis Worldwide Stock Down 1.0%

Shares of Otis Worldwide stock traded down $0.96 during trading hours on Tuesday, reaching $97.04. 3,212,876 shares of the stock traded hands, compared to its average volume of 2,286,268. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The firm has a market capitalization of $38.30 billion, a price-to-earnings ratio of 23.90 and a beta of 1.01. The company has a 50 day moving average price of $98.45 and a 200 day moving average price of $97.66.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. Otis Worldwide's quarterly revenue was down 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

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.