Stifel Financial Corp Buys 6,916 Shares of Otis Worldwide Co. (NYSE:OTIS)

Stifel Financial Corp boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,768 shares of the company's stock after purchasing an additional 6,916 shares during the period. Stifel Financial Corp's holdings in Otis Worldwide were worth $8,777,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% during the 4th 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. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.1 %

Shares of NYSE:OTIS traded up $0.07 during trading on Thursday, reaching $96.34. 2,219,258 shares of the stock were exchanged, compared to its average volume of 2,239,959. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock has a 50-day moving average price of $98.85 and a 200-day moving average price of $98.14. The firm has a market cap of $38.11 billion, a PE ratio of 23.73 and a beta of 1.00.

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 (EPS) 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 business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the company posted $0.88 EPS. The firm's quarterly revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 44.09%.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last quarter. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

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

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.