Ethic Inc. Has $6.84 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Ethic Inc. boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 73,861 shares of the company’s stock after acquiring an additional 2,622 shares during the quarter. Ethic Inc.’s holdings in Otis Worldwide were worth $6,840,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Resonant Capital Advisors LLC raised its holdings in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the last quarter. Montis Financial LLC lifted its holdings in Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares during the period. AlTi Global Inc. boosted its stake in Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after acquiring an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after acquiring an additional 114 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,800 shares of company stock worth $3,588,044. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $97.06 on Friday. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The company’s 50 day moving average price is $98.52 and its two-hundred day moving average price is $97.76. The company has a market capitalization of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 EPS. Analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Royal Bank of Canada reduced their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $100.00.

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.