BSW Wealth Partners Raises Stock Position in Otis Worldwide Co. (NYSE:OTIS)

BSW Wealth Partners grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,193 shares of the company’s stock after acquiring an additional 206 shares during the quarter. BSW Wealth Partners’ holdings in Otis Worldwide were worth $388,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. M&T Bank Corp increased its position in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. raised its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Wilmington Savings Fund Society FSB raised its position in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after purchasing an additional 9,979 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in shares of Otis Worldwide by 6.3% during the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock valued at $23,784,000 after buying an additional 13,602 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $94.75 on Thursday. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The stock has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The firm’s 50-day moving average is $96.12 and its two-hundred day moving average is $97.19.

Otis Worldwide (NYSE:OTIS) last issued 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 net margin of 11.48% and a negative return on equity of 31.28%. On average, equities analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company reduced their price target 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. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $103.88.

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.