Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lifted by V Square Quantitative Management LLC

V Square Quantitative Management LLC lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 15.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,993 shares of the company’s stock after purchasing an additional 1,224 shares during the period. V Square Quantitative Management LLC’s holdings in Otis Worldwide were worth $833,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth about $29,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth about $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 1.3 %

NYSE:OTIS opened at $96.77 on Friday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a 50-day moving average of $94.77 and a 200-day moving average of $97.12. The firm has a market cap of $38.37 billion, a price-to-earnings ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted 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%. On average, research analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program 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 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. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OTIS. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wolfe Research cut 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 report on Thursday, December 12th. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company dropped their price objective on shares of 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 began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $102.88.

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.