Monterey Private Wealth Inc. Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Monterey Private Wealth Inc. lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,008 shares of the company’s stock after selling 167 shares during the period. Monterey Private Wealth Inc.’s holdings in Otis Worldwide were worth $371,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide in the third quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC boosted 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 valued at $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter worth about $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS opened at $94.76 on Tuesday. The stock’s 50 day simple moving average is $96.67 and its 200 day simple moving average is $97.28. The firm has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $85.61 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s 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 owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. UBS Group started 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 downgraded 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. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide 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.