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

Brown Lisle Cummings Inc. purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 776 shares of the company’s stock, valued at approximately $72,000.

Several other hedge funds have also bought and sold shares of the business. M&T Bank Corp boosted its position in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB increased its holdings in shares of Otis Worldwide by 297.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after acquiring an additional 9,979 shares in the last quarter. Finally, Guinness Asset Management LTD increased its holdings in shares of Otis Worldwide by 4.6% during the third quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company’s stock valued at $192,389,000 after acquiring an additional 81,045 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

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

Otis Worldwide Price Performance

OTIS stock opened at $94.50 on Wednesday. The company has a market cap of $37.75 billion, a P/E ratio of 23.28 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The stock’s fifty day moving average price is $95.60 and its 200-day moving average price is $97.07.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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%. As a group, analysts expect that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders 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 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

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

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the 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 sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on 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 transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

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.