8,900 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,900 shares of the company’s stock, valued at approximately $824,000.

A number of other large investors have also modified their holdings of the company. IHT Wealth Management LLC grew its stake in Otis Worldwide by 20.6% in the 3rd quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock valued at $568,000 after acquiring an additional 935 shares during the period. Morse Asset Management Inc acquired a new stake in shares of Otis Worldwide in the third quarter valued at about $130,000. Stifel Financial Corp increased its stake in shares of Otis Worldwide by 3.7% during the third quarter. Stifel Financial Corp now owns 87,852 shares of the company’s stock worth $9,132,000 after purchasing an additional 3,120 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Otis Worldwide by 40.4% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 28,114 shares of the company’s stock worth $2,922,000 after purchasing an additional 8,093 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company lowered their price target on 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. Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.00.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last quarter. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 9.1 %

Shares of NYSE:OTIS opened at $94.85 on Monday. Otis Worldwide Co. has a 52-week low of $88.24 and a 52-week high of $106.83. The business has a fifty day moving average of $99.32 and a two-hundred day moving average of $98.99. The stock has a market cap of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.