Wingate Wealth Advisors Inc. Makes New $135,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Wingate Wealth Advisors Inc. purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,463 shares of the company’s stock, valued at approximately $135,000.

Several other large investors also recently modified their holdings of the business. Liberty Capital Management Inc. increased its position in shares of Otis Worldwide by 0.6% during the fourth quarter. Liberty Capital Management Inc. now owns 26,913 shares of the company’s stock worth $2,492,000 after acquiring an additional 171 shares in the last quarter. Howland Capital Management LLC boosted its stake in Otis Worldwide by 15.5% in the 4th quarter. Howland Capital Management LLC now owns 2,852 shares of the company’s stock worth $264,000 after purchasing an additional 383 shares during the period. Quotient Wealth Partners LLC increased its holdings in Otis Worldwide by 2.5% during the 4th quarter. Quotient Wealth Partners LLC now owns 5,839 shares of the company’s stock worth $541,000 after purchasing an additional 140 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Otis Worldwide by 11.6% in the 4th quarter. Empowered Funds LLC now owns 8,131 shares of the company’s stock valued at $753,000 after purchasing an additional 845 shares during the period. Finally, Farmers & Merchants Investments Inc. lifted its holdings in shares of Otis Worldwide by 10.9% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 41,732 shares of the company’s stock valued at $3,865,000 after purchasing an additional 4,089 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on OTIS. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. 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. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research downgraded shares of 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 cut 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 research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $102.88.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of the company’s 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,481 shares of company stock valued at $7,159,509. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 1.3 %

NYSE OTIS opened at $94.83 on Monday. The firm has a market capitalization of $37.60 billion, a P/E ratio of 23.36 and a beta of 1.06. The firm’s fifty day moving average price is $95.14 and its two-hundred day moving average price is $97.04. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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.