Metis Global Partners LLC Has $1.25 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Metis Global Partners LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,485 shares of the company’s stock after acquiring an additional 642 shares during the period. Metis Global Partners LLC’s holdings in Otis Worldwide were worth $1,249,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Resonant Capital Advisors LLC lifted its position in Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after acquiring an additional 105 shares during the last quarter. Rehmann Capital Advisory Group raised its position in shares of Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares in the last quarter. PFG Investments LLC raised its position in shares of Otis Worldwide by 4.1% in the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after buying an additional 131 shares in the last quarter. Groupama Asset Managment raised its position in shares of Otis Worldwide by 1.4% in the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after buying an additional 132 shares in the last quarter. Finally, IFP Advisors Inc raised its position in shares of Otis Worldwide by 8.8% in the fourth quarter. IFP Advisors Inc now owns 1,676 shares of the company’s stock valued at $155,000 after buying an additional 136 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.64 on Tuesday. The company’s 50 day simple moving average is $95.24 and its 200 day simple moving average is $97.59. The stock has a market capitalization of $39.91 billion, a price-to-earnings ratio of 24.79 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s payout ratio is presently 38.42%.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OTIS. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company dropped 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. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target 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.