Artemis Investment Management LLP Buys 33,750 Shares of Otis Worldwide Co. (NYSE:OTIS)

Artemis Investment Management LLP lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 74.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,327 shares of the company’s stock after acquiring an additional 33,750 shares during the period. Artemis Investment Management LLP’s holdings in Otis Worldwide were worth $7,346,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of OTIS. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the 3rd quarter worth $29,000. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Otis Worldwide in the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

Otis Worldwide stock opened at $94.76 on Monday. The company has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $85.61 and a 12 month high of $106.33. The business’s fifty day simple moving average is $96.80 and its two-hundred day simple moving average is $97.28.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $103.88.

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.