Kingsview Wealth Management LLC Buys 536 Shares of Otis Worldwide Co. (NYSE:OTIS)

Kingsview Wealth Management LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 7.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,638 shares of the company’s stock after acquiring an additional 536 shares during the period. Kingsview Wealth Management LLC’s holdings in Otis Worldwide were worth $707,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of Otis Worldwide during the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the third quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the third quarter worth approximately $29,000. Fortitude Family Office LLC grew its position in 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 acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter worth approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on OTIS shares. Wells Fargo & Company cut 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 note on Thursday, January 30th. JPMorgan Chase & Co. cut their price target 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. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Finally, Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $102.88.

Otis Worldwide Stock Up 0.1 %

NYSE:OTIS opened at $96.78 on Thursday. The firm’s fifty day simple moving average is $94.85 and its 200 day simple moving average is $97.08. The stock has a market cap of $38.38 billion, a P/E ratio of 23.84 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 28,440 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by corporate insiders.

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.