Clarendon Private LLC Invests $349,000 in Otis Worldwide Co. (NYSE:OTIS)

Clarendon Private LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,772 shares of the company’s stock, valued at approximately $349,000.

Other institutional investors also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter worth $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide in the third quarter worth $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on OTIS shares. 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. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Barclays lowered their target price 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. Finally, Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Trading Up 0.4 %

Shares of NYSE:OTIS opened at $96.61 on Friday. The firm has a market cap of $38.59 billion, a price-to-earnings ratio of 24.09 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The business has a fifty day simple moving average of $96.36 and a 200 day simple moving average of $97.25.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm earned $0.95 earnings per share. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide declared that its board has initiated a stock 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 board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.