Fortitude Family Office LLC Buys 267 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fortitude Family Office LLC grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 485.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 322 shares of the company’s stock after purchasing an additional 267 shares during the quarter. Fortitude Family Office LLC’s holdings in Otis Worldwide were worth $30,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its stake in 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 purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS opened at $90.78 on Friday. The company’s fifty day moving average price is $97.57 and its 200-day moving average price is $97.38. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33. The firm has a market capitalization of $36.26 billion, a P/E ratio of 22.64 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.72%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analyst Ratings Changes

Several equities analysts recently issued reports on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research lowered 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. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.50.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by corporate insiders.

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.