Leavell Investment Management Inc. Acquires 327 Shares of Otis Worldwide Co. (NYSE:OTIS)

Leavell Investment Management Inc. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,484 shares of the company’s stock after purchasing an additional 327 shares during the period. Leavell Investment Management Inc.’s holdings in Otis Worldwide were worth $230,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. Exchange Traded Concepts LLC grew its holdings in shares of Otis Worldwide by 1,094.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Otis Worldwide by 1.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company’s stock valued at $1,066,000 after purchasing an additional 151 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Otis Worldwide by 0.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company’s stock valued at $4,483,000 after purchasing an additional 191 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in Otis Worldwide by 14.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 7,769 shares of the company’s stock worth $808,000 after acquiring an additional 1,003 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter worth $25,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a 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. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock valued at $10,046,255 in the last three months. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $96.77 on Friday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The stock has a market cap of $38.37 billion, a P/E ratio of 23.83 and a beta of 1.06. The firm has a 50-day moving average of $94.77 and a 200 day moving average of $97.12.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Research analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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.