Lake Street Advisors Group LLC Has $213,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Lake Street Advisors Group LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,297 shares of the company’s stock after purchasing an additional 154 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Otis Worldwide were worth $213,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Illinois Municipal Retirement Fund raised its position in shares of Otis Worldwide by 1.2% during the fourth quarter. Illinois Municipal Retirement Fund now owns 187,457 shares of the company’s stock worth $17,360,000 after purchasing an additional 2,157 shares during the period. IFP Advisors Inc raised its position in shares of Otis Worldwide by 8.8% during the fourth quarter. IFP Advisors Inc now owns 1,676 shares of the company’s stock worth $155,000 after purchasing an additional 136 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Otis Worldwide by 4.9% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,824 shares of the company’s stock worth $6,189,000 after purchasing an additional 3,100 shares during the period. Howard Capital Management Inc. raised its position in shares of Otis Worldwide by 5.3% during the fourth quarter. Howard Capital Management Inc. now owns 2,741 shares of the company’s stock worth $254,000 after purchasing an additional 139 shares during the period. Finally, Wealthspire Advisors LLC raised its position in Otis Worldwide by 8.4% in the 4th quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company’s stock valued at $228,000 after buying an additional 190 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. 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. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays dropped their target price 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. 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. Finally, JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” 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 assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Up 1.7 %

OTIS stock opened at $99.78 on Friday. The business has a 50 day moving average price of $95.10 and a two-hundred day moving average price of $97.47. The company has a market cap of $39.56 billion, a price-to-earnings ratio of 24.58 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 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 is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. 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.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $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 three months, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by company insiders.

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.