Wingate Wealth Advisors Inc. Invests $135,000 in Otis Worldwide Co. (NYSE:OTIS)

Wingate Wealth Advisors Inc. acquired a new position in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,463 shares of the company’s stock, valued at approximately $135,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter worth $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $29,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Otis Worldwide during the third quarter valued at about $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $94.83 on Monday. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. The firm’s 50-day simple moving average is $95.14 and its 200-day simple moving average is $97.04. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is 38.42%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,481 shares of company stock worth $7,159,509. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. 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 report on Thursday, December 12th. 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 report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $102.88.

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.