Summit Trail Advisors LLC Raises Stake in Otis Worldwide Co. (NYSE:OTIS)

Summit Trail Advisors LLC boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,070 shares of the company’s stock after buying an additional 971 shares during the quarter. Summit Trail Advisors LLC’s holdings in Otis Worldwide were worth $747,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Riverview Trust Co acquired a new position in Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC grew 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 valued at $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the third quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company dropped their target price on 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. Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price 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. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $102.88.

Otis Worldwide Trading Up 0.6 %

Shares of OTIS stock opened at $96.61 on Wednesday. The company’s 50-day moving average price is $94.94 and its 200-day moving average price is $97.09. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33. The stock has a market cap of $38.31 billion, a price-to-earnings ratio of 23.80 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was 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 directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company’s stock.

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.