Valeo Financial Advisors LLC Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Valeo Financial Advisors LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,880 shares of the company’s stock after buying an additional 496 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Otis Worldwide were worth $437,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth $370,013,000. Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 32.5% in the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock worth $1,089,453,000 after purchasing an additional 2,999,494 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares in the last quarter. PineStone Asset Management Inc. grew its position in Otis Worldwide by 300.6% during the 3rd quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock valued at $228,428,000 after purchasing an additional 2,134,289 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.8 %

Shares of NYSE:OTIS opened at $96.16 on Monday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The firm’s 50 day moving average price is $95.69 and its 200-day moving average price is $88.42. The stock has a market capitalization of $38.87 billion, a PE ratio of 28.37 and a beta of 1.01.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s 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 sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OTIS. UBS Group upped their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. Finally, Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $94.29.

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.