Howard Capital Management Inc. Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Howard Capital Management Inc. boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,741 shares of the company’s stock after purchasing an additional 139 shares during the quarter. Howard Capital Management Inc.’s holdings in Otis Worldwide were worth $254,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted 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 valued at $30,000 after buying an additional 267 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new position in Otis Worldwide during the third quarter valued at approximately $36,000. Finally, Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the fourth quarter valued at approximately $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS opened at $100.05 on Wednesday. The stock has a market capitalization of $39.67 billion, a PE ratio of 24.64 and a beta of 1.06. The firm’s fifty day moving average price is $94.77 and its 200 day moving average price is $97.40. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The business 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 $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.56%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OTIS shares. Wolfe Research cut 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 research report on Thursday, December 12th. Barclays reduced 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 report on Wednesday, January 8th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, Wells Fargo & Company reduced 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 report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target 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.