City Holding Co. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

City Holding Co. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,001 shares of the company’s stock after purchasing an additional 357 shares during the period. City Holding Co.’s holdings in Otis Worldwide were worth $463,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of OTIS. Appian Way Asset Management LP purchased a new stake in Otis Worldwide during the 2nd quarter worth approximately $991,000. M&T Bank Corp lifted its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

NYSE OTIS opened at $94.76 on Tuesday. The stock has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The stock has a fifty day simple moving average of $96.80 and a 200-day simple moving average of $97.29.

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

Otis Worldwide declared that its board has approved a stock buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is presently 38.90%.

Analyst Ratings Changes

A number of research firms recently weighed in on OTIS. Wells Fargo & Company lowered their price target 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 lowered 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. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $103.88.

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.