Peapack Gladstone Financial Corp Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Peapack Gladstone Financial Corp boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 73,086 shares of the company’s stock after purchasing an additional 742 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Otis Worldwide were worth $6,769,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OTIS. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% during the 4th 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 stake in shares of Otis Worldwide during the fourth quarter worth about $33,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $34,000. Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. Finally, OFI Invest Asset Management acquired a new stake in Otis Worldwide in the 4th quarter worth approximately $37,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $94.85 on Monday. The company has a fifty day moving average of $99.32 and a two-hundred day moving average of $98.99. The stock has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $88.24 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released 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%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its board has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, Barclays raised their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $103.00.

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.