SRS Capital Advisors Inc. Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

SRS Capital Advisors Inc. grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 45.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 619 shares of the company’s stock after buying an additional 192 shares during the period. SRS Capital Advisors Inc.’s holdings in Otis Worldwide were worth $57,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in OTIS. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth about $29,000. Fortitude Family Office LLC boosted its stake 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 purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $33,000. Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

OTIS opened at $102.59 on Friday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The firm has a 50 day moving average price of $95.67 and a 200 day moving average price of $97.71. The company has a market cap of $40.68 billion, a PE ratio of 25.27 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

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

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.88.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last 90 days. 0.23% of the stock is owned by company insiders.

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.