Artemis Investment Management LLP Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Artemis Investment Management LLP increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 74.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 79,327 shares of the company’s stock after acquiring an additional 33,750 shares during the quarter. Artemis Investment Management LLP’s holdings in Otis Worldwide were worth $7,346,000 at the end of the most recent quarter.

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

Insider Transactions at Otis Worldwide

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Finally, UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide Trading Up 1.7 %

NYSE OTIS opened at $94.76 on Monday. The stock has a fifty day simple moving average of $96.80 and a 200-day simple moving average of $97.28. The stock has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $0.95 EPS. 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 authorized a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

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.