Brown Lisle Cummings Inc. Makes New $72,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Brown Lisle Cummings Inc. purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 776 shares of the company’s stock, valued at approximately $72,000.

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

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $94.50 on Wednesday. The stock has a market capitalization of $37.75 billion, a P/E ratio of 23.28 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The business’s 50 day simple moving average is $95.60 and its two-hundred day simple moving average is $97.07.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts expect that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction 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 directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. 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. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $102.88.

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.