SVB Wealth LLC Acquires Shares of 3,644 Otis Worldwide Co. (NYSE:OTIS)

SVB Wealth LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, Holdings Channel reports. The fund bought 3,644 shares of the company’s stock, valued at approximately $337,000.

Several other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC boosted its position in shares of Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after purchasing an additional 152,072 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP grew its stake in shares of Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after buying an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after buying an additional 391,206 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on Friday, January 31st. The stock was 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 $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Down 1.0 %

Shares of OTIS stock opened at $99.68 on Wednesday. The company has a 50 day moving average price of $95.35 and a 200-day moving average price of $97.65. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The firm has a market capitalization of $39.52 billion, a PE ratio of 24.55 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has approved 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 buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on OTIS shares. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. 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. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide 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.