Itau Unibanco Holding S.A. Purchases 361 Shares of Otis Worldwide Co. (NYSE:OTIS)

Itau Unibanco Holding S.A. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 468.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 438 shares of the company’s stock after acquiring an additional 361 shares during the period. Itau Unibanco Holding S.A.’s holdings in Otis Worldwide were worth $41,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide during the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth $33,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,587 shares of company stock worth $7,627,564. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $97.36 on Friday. The firm has a fifty day moving average price of $98.75 and a 200 day moving average price of $98.03. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The firm has a market cap of $38.52 billion, a PE ratio of 23.98 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm 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 business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. On average, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its Board of Directors has initiated a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

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

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.