Ashburton Jersey Ltd Acquires New Stake in Otis Worldwide Co. (NYSE:OTIS)

Ashburton Jersey Ltd bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 39,099 shares of the company’s stock, valued at approximately $3,621,000. Otis Worldwide accounts for 1.6% of Ashburton Jersey Ltd’s investment portfolio, making the stock its 21st largest holding.

A number of other large investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $28,000. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $94.85 on Friday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The firm has a market capitalization of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00. The company’s 50-day moving average is $99.32 and its 200-day moving average is $98.96.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OTIS. 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. JPMorgan Chase & Co. reduced 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 note on Thursday, January 30th. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Finally, Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $103.00.

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.