Dynamic Advisor Solutions LLC Has $215,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Dynamic Advisor Solutions LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 23.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,325 shares of the company’s stock after selling 725 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Otis Worldwide were worth $215,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings 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 buying an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC grew its position in Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after acquiring an additional 152,072 shares in the last quarter. Franklin Resources Inc. increased its stake 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 purchasing an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP raised its holdings in shares of Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after purchasing an additional 391,206 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 1.9 %

Shares of Otis Worldwide stock opened at $95.87 on Wednesday. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The company’s fifty day simple moving average is $96.22 and its 200-day simple moving average is $97.21. The company has a market cap of $38.30 billion, a price-to-earnings ratio of 23.91 and a beta of 1.06.

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

Otis Worldwide announced that its board has authorized a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently announced 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. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wolfe Research downgraded shares of 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. Wells Fargo & Company lowered their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $103.88.

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.