Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Graypoint LLC

Graypoint LLC lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,010 shares of the company’s stock after purchasing an additional 261 shares during the period. Graypoint LLC’s holdings in Otis Worldwide were worth $359,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its position in Otis Worldwide by 8.6% during the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after purchasing an additional 620 shares during the period. Cibc World Market Inc. raised its position in Otis Worldwide by 3.0% in the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after acquiring an additional 338 shares in the last quarter. Moors & Cabot Inc. boosted its position in shares of Otis Worldwide by 7.7% during the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after purchasing an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Otis Worldwide by 25.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after purchasing an additional 715 shares in the last quarter. Finally, Brighton Jones LLC boosted its holdings in Otis Worldwide by 5.0% during the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $96.16 on Monday. The company has a market capitalization of $38.87 billion, a P/E ratio of 28.37 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The company’s 50 day simple moving average is $95.69 and its 200 day simple moving average is $88.42.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter last year, the business posted $0.75 EPS. On average, analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a yield of 1.41%. Otis Worldwide’s payout ratio is presently 40.12%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $94.29.

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.