Focus Partners Wealth Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Focus Partners Wealth raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 51.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,386 shares of the company's stock after purchasing an additional 11,615 shares during the quarter. Focus Partners Wealth's holdings in Otis Worldwide were worth $3,184,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on OTIS. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Royal Bank of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $98.86.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 1.9%

Shares of NYSE OTIS opened at $97.82 on Friday. The stock's 50 day moving average price is $98.06 and its two-hundred day moving average price is $97.62. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market capitalization of $38.61 billion, a P/E ratio of 24.09 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

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.

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