US Bancorp DE Increases Position in Otis Worldwide Co. (NYSE:OTIS)

US Bancorp DE raised its position in Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 206,653 shares of the company’s stock after purchasing an additional 3,933 shares during the period. US Bancorp DE owned 0.05% of Otis Worldwide worth $19,138,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC boosted its holdings 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 valued at $30,000 after buying an additional 267 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $36,000. Finally, Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $33,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $99.78 on Monday. The company has a market cap of $39.56 billion, a P/E ratio of 24.58 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The firm has a fifty day moving average of $95.10 and a two-hundred day moving average of $97.54.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has authorized a stock buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. Otis Worldwide’s payout ratio is currently 38.42%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on OTIS shares. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Barclays decreased their price target on shares of 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. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

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.