USA Financial Formulas Acquires New Position in Otis Worldwide Co. (NYSE:OTIS)

USA Financial Formulas bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,880 shares of the company’s stock, valued at approximately $174,000.

Several other hedge funds also recently made changes to their positions in OTIS. Dimensional Fund Advisors LP boosted its holdings in Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock worth $242,873,000 after purchasing an additional 101,955 shares during the period. Moors & Cabot Inc. lifted its position in shares of Otis Worldwide by 7.7% in the 2nd quarter. Moors & Cabot Inc. now owns 4,972 shares of the company’s stock worth $479,000 after buying an additional 357 shares during the last quarter. Argent Trust Co boosted its holdings in shares of Otis Worldwide by 11.0% in the 2nd quarter. Argent Trust Co now owns 13,505 shares of the company’s stock valued at $1,300,000 after buying an additional 1,338 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of Otis Worldwide by 2.3% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 45,432 shares of the company’s stock valued at $4,358,000 after buying an additional 1,014 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in Otis Worldwide by 7.6% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,411 shares of the company’s stock worth $617,000 after acquiring an additional 453 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $93.19 on Friday. The stock has a market cap of $37.22 billion, a price-to-earnings ratio of 23.24 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33. The business has a fifty day moving average of $97.06 and a 200-day moving average of $97.30.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 EPS. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program 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 programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on OTIS. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. 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 report on Thursday, December 12th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $103.88.

Otis Worldwide Company 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.