E. Ohman J or Asset Management AB Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

E. Ohman J or Asset Management AB boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 17,300 shares of the company’s stock after purchasing an additional 1,600 shares during the period. E. Ohman J or Asset Management AB’s holdings in Otis Worldwide were worth $1,602,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brown Lisle Cummings Inc. purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $72,000. Longboard Asset Management LP purchased a new stake in Otis Worldwide during the 4th quarter valued at $209,000. Optas LLC boosted its stake in Otis Worldwide by 6.6% during the 4th quarter. Optas LLC now owns 5,889 shares of the company’s stock valued at $545,000 after purchasing an additional 367 shares during the last quarter. Financial Life Planners bought a new stake in shares of Otis Worldwide in the 4th quarter worth $124,000. Finally, Resonant Capital Advisors LLC raised its stake in shares of Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 completion of the sale, the executive vice president now owns 169 shares in the company, 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. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OTIS has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced 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 lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. 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. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.50 on Wednesday. The stock has a 50-day simple moving average of $95.60 and a two-hundred day simple moving average of $97.07. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The firm has a market capitalization of $37.75 billion, a PE ratio of 23.28 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid 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 dividend payout ratio (DPR) is 38.42%.

Otis Worldwide 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.