192,578 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 192,578 shares of the company’s stock, valued at approximately $193,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. M&T Bank Corp lifted its stake in shares of Otis Worldwide by 1.7% in the 4th quarter. M&T Bank Corp now owns 187,161 shares of the company’s stock valued at $17,333,000 after purchasing an additional 3,177 shares during the period. Atria Investments Inc lifted its position in Otis Worldwide by 21.2% during the fourth quarter. Atria Investments Inc now owns 13,149 shares of the company’s stock valued at $1,218,000 after buying an additional 2,304 shares during the period. Assetmark Inc. boosted its holdings in shares of Otis Worldwide by 178.4% during the 4th quarter. Assetmark Inc. now owns 1,325 shares of the company’s stock valued at $123,000 after buying an additional 849 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Otis Worldwide by 21.6% in the 4th quarter. Victory Capital Management Inc. now owns 833,644 shares of the company’s stock worth $77,204,000 after buying an additional 148,297 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after acquiring an additional 67,937 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on OTIS. Wolfe Research lowered 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 research note on Thursday, December 12th. Barclays boosted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. 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 research report on Thursday, January 30th. Finally, 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 report on Thursday, January 30th. Two equities 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.00.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were 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 owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Shares of OTIS opened at $103.06 on Friday. The company has a market cap of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05. The business’s fifty day simple moving average is $98.54 and its two-hundred day simple moving average is $98.56. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS 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%. As a group, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

About Otis Worldwide

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.