DMKC Advisory Services LLC Invests $1.86 Million in Otis Worldwide Co. (NYSE:OTIS)

DMKC Advisory Services LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 20,116 shares of the company’s stock, valued at approximately $1,863,000. Otis Worldwide accounts for about 1.7% of DMKC Advisory Services LLC’s investment portfolio, making the stock its 29th largest holding.

Several other hedge funds have also modified their holdings of the stock. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $29,000. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the third quarter valued at $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide in the 4th quarter worth about $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

NYSE OTIS opened at $100.05 on Wednesday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The stock’s 50-day moving average is $94.77 and its two-hundred day moving average is $97.40. The firm has a market cap of $39.67 billion, a P/E ratio of 24.64 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Analysts Set New Price Targets

Several research firms recently commented on OTIS. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company 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 target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Finally, Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $102.88.

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.