Artisan Partners Limited Partnership Purchases 280 Shares of Otis Worldwide Co. (NYSE:OTIS)

Artisan Partners Limited Partnership increased its position in Otis Worldwide Co. (NYSE:OTIS) by 0.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 544,655 shares of the company’s stock after purchasing an additional 280 shares during the quarter. Artisan Partners Limited Partnership owned approximately 0.14% of Otis Worldwide worth $50,440,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% during the fourth 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. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter valued at $34,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $34,000. Finally, OFI Invest Asset Management bought a new position in Otis Worldwide during the fourth quarter worth $37,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last ninety days. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on OTIS. Barclays increased their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $102.08 on Friday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm’s 50 day moving average is $98.69 and its 200-day moving average is $98.63. The stock has a market capitalization of $40.48 billion, a PE ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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%. Equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s payout ratio is 38.42%.

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.