Arkadios Wealth Advisors Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Arkadios Wealth Advisors grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 20.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,996 shares of the company’s stock after buying an additional 499 shares during the quarter. Arkadios Wealth Advisors’ holdings in Otis Worldwide were worth $277,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Canoe Financial LP boosted its stake in Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after purchasing an additional 904,157 shares during the last quarter. Trivant Custom Portfolio Group LLC lifted its holdings in shares of Otis Worldwide by 1.6% during the fourth quarter. Trivant Custom Portfolio Group LLC now owns 15,230 shares of the company’s stock valued at $1,410,000 after purchasing an additional 243 shares in the last quarter. Brooklyn Investment Group boosted its position in shares of Otis Worldwide by 18.8% during the fourth quarter. Brooklyn Investment Group now owns 1,171 shares of the company’s stock valued at $108,000 after buying an additional 185 shares during the last quarter. Merit Financial Group LLC increased its holdings in Otis Worldwide by 6.9% in the 4th quarter. Merit Financial Group LLC now owns 10,790 shares of the company’s stock worth $999,000 after buying an additional 694 shares in the last quarter. Finally, Avanza Fonder AB purchased a new position in Otis Worldwide in the 4th quarter worth about $3,957,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

NYSE OTIS opened at $96.28 on Friday. The business’s fifty day moving average is $96.41 and its 200 day moving average is $97.25. The company has a market capitalization of $38.46 billion, a PE ratio of 24.01 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $87.57 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) 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 the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on OTIS shares. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their target price 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. Two research 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. According to MarketBeat.com, the stock has a consensus 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.