Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Lafayette Investments Inc.

Lafayette Investments Inc. increased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,685 shares of the company’s stock after acquiring an additional 517 shares during the quarter. Lafayette Investments Inc.’s holdings in Otis Worldwide were worth $777,000 at the end of the most recent quarter.

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 grew its position in 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 buying an additional 223 shares during the last quarter. NBC Securities Inc. purchased a new position in Otis Worldwide in the 3rd quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $33,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

OTIS stock traded up $0.31 during trading on Friday, hitting $95.80. The stock had a trading volume of 383,945 shares, compared to its average volume of 1,974,742. The company’s 50 day moving average price is $96.03 and its two-hundred day moving average price is $88.73. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35. The stock 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 announced its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the company posted $0.75 EPS. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s payout ratio is 40.12%.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction 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 disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OTIS shares. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. Finally, Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $94.29.

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.