McElhenny Sheffield Capital Management LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,802 shares of the company's stock, valued at approximately $537,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Optas LLC boosted its stake in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company's stock worth $574,000 after acquiring an additional 118 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after purchasing an additional 122 shares during the last quarter. Brighton Jones LLC boosted its position in Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company's stock worth $248,000 after purchasing an additional 124 shares during the period. Groupama Asset Managment grew its holdings in Otis Worldwide by 1.4% during the third quarter. Groupama Asset Managment now owns 9,428 shares of the company's stock valued at $980,000 after purchasing an additional 132 shares during the last quarter. Finally, Selway Asset Management raised its position in shares of Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company's stock valued at $2,081,000 after purchasing an additional 150 shares during the period. Institutional investors own 88.03% of the company's stock.
Several analysts recently issued reports on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company reduced their price objective 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. 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 MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $103.88.
Get Our Latest Analysis on OTIS
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 transaction 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 $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by insiders.
Shares of NYSE OTIS opened at $94.76 on Friday. The firm has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a one year low of $85.61 and a one year high of $106.33. The business has a fifty day simple moving average of $96.80 and a 200 day simple moving average of $97.28.
Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business's revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. On average, research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide's dividend payout ratio is presently 38.90%.
Otis Worldwide declared that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.
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.
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