Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Values First Advisors Inc.

Values First Advisors Inc. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 104.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,381 shares of the company’s stock after purchasing an additional 1,727 shares during the quarter. Values First Advisors Inc.’s holdings in Otis Worldwide were worth $313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of OTIS. CWM LLC boosted its stake in shares of Otis Worldwide by 1.0% in the third quarter. CWM LLC now owns 17,727 shares of the company’s stock valued at $1,843,000 after purchasing an additional 181 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock worth $145,000 after buying an additional 1,281 shares in the last quarter. Wesbanco Bank Inc. boosted its position in Otis Worldwide by 3.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock valued at $3,604,000 after buying an additional 1,262 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of Otis Worldwide by 1.5% during the third quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company’s stock valued at $1,066,000 after acquiring an additional 151 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Otis Worldwide by 0.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company’s stock worth $4,483,000 after acquiring an additional 191 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

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

Otis Worldwide Price Performance

Otis Worldwide stock opened at $96.78 on Thursday. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33. The company has a fifty day moving average price of $94.85 and a two-hundred day moving average price of $97.08. The company has a market cap of $38.38 billion, a PE ratio of 23.84 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities research analysts anticipate that Otis Worldwide Co. will post 4.03 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. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is currently 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.