First Eagle Investment Management LLC Purchases 8,474 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Eagle Investment Management LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,203 shares of the company’s stock after purchasing an additional 8,474 shares during the quarter. First Eagle Investment Management LLC’s holdings in Otis Worldwide were worth $4,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC boosted its position 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 worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $34,000. Truvestments Capital LLC bought a new position in shares of Otis Worldwide during the third quarter worth $36,000. Finally, OFI Invest Asset Management bought a new position in Otis Worldwide during the fourth quarter valued at $37,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.1 %

Shares of OTIS opened at $100.69 on Friday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The company has a market cap of $39.93 billion, a P/E ratio of 24.80 and a beta of 1.05. The company’s fifty day simple moving average is $96.73 and its 200-day simple moving average is $98.08.

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 negative return on equity of 31.76% and a net margin of 11.53%. Analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Wolfe Research lowered 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 report on Thursday, December 12th. Wells Fargo & Company lowered 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 research report on Thursday, January 30th. Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Two investment 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. Based on data from MarketBeat, the company 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.