Lafayette Investments Inc. Has $777,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Lafayette Investments Inc. lifted its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.3% in the fourth quarter, HoldingsChannel reports. The firm owned 8,685 shares of the company’s stock after purchasing an additional 517 shares during the period. Lafayette Investments Inc.’s holdings in Otis Worldwide were worth $777,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $30,000. Janiczek Wealth Management LLC boosted its position in shares of Otis Worldwide by 141.1% in the 3rd quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after purchasing an additional 223 shares during the period. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OTIS. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $94.29.

Otis Worldwide Stock Up 0.3 %

Shares of OTIS traded up $0.31 during midday trading on Friday, reaching $95.80. 383,945 shares of the stock were exchanged, compared to its average volume of 1,974,742. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The firm has a 50 day simple moving average of $96.03 and a 200-day simple moving average of $88.73. The company has a market cap of $38.72 billion, a price-to-earnings ratio of 28.17 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the business earned $0.75 EPS. Research analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is 40.12%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

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.