Otis Worldwide Co. (NYSE:OTIS) Stock Position Boosted by Howard Capital Management Inc.

Howard Capital Management Inc. boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,741 shares of the company’s stock after acquiring an additional 139 shares during the quarter. Howard Capital Management Inc.’s holdings in Otis Worldwide were worth $254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wealthspire Advisors LLC grew its position in Otis Worldwide by 8.4% in the 4th quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company’s stock valued at $228,000 after buying an additional 190 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at about $33,000. ING Groep NV lifted its holdings in Otis Worldwide by 43.4% in the 4th quarter. ING Groep NV now owns 51,020 shares of the company’s stock valued at $4,725,000 after acquiring an additional 15,450 shares during the last quarter. Dash Acquisitions Inc. lifted its holdings in Otis Worldwide by 3.3% in the 4th quarter. Dash Acquisitions Inc. now owns 13,071 shares of the company’s stock valued at $1,253,000 after acquiring an additional 423 shares during the last quarter. Finally, Boston Financial Mangement LLC lifted its holdings in Otis Worldwide by 0.7% in the 4th quarter. Boston Financial Mangement LLC now owns 23,727 shares of the company’s stock valued at $2,197,000 after acquiring an additional 175 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 in the last 90 days. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on OTIS shares. Barclays cut their price target 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. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. 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, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Up 1.4 %

OTIS stock opened at $100.05 on Wednesday. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The firm has a market capitalization of $39.67 billion, a PE ratio of 24.64 and a beta of 1.06. The firm has a 50-day moving average of $94.77 and a two-hundred day moving average of $97.40.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

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.