Monarch Capital Management Inc. Has $903,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Monarch Capital Management Inc. decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,752 shares of the company’s stock after selling 135 shares during the quarter. Monarch Capital Management Inc.’s holdings in Otis Worldwide were worth $903,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of OTIS. Riverview Trust Co acquired a new position in Otis Worldwide during the 3rd quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the third quarter worth about $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Otis Worldwide during the 3rd quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $94.76 on Friday. The stock has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The business’s fifty day moving average price is $96.80 and its two-hundred day moving average price is $97.27. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued 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 firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business 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 was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OTIS. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Two equities 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.