Boothbay Fund Management LLC Makes New $854,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Boothbay Fund Management LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,224 shares of the company’s stock, valued at approximately $854,000.

Other institutional investors have also recently made changes to their positions in the company. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares during the period. JPMorgan Chase & Co. increased its stake in shares of 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 acquiring an additional 8,161,946 shares in the last quarter. SVB Wealth LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $8,743,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after purchasing an additional 67,937 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.4 %

NYSE:OTIS opened at $95.00 on Wednesday. The company has a market cap of $37.58 billion, a PE ratio of 23.40 and a beta of 1.00. The company has a 50 day simple moving average of $98.89 and a two-hundred day simple moving average of $98.15. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83.

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

Otis Worldwide declared that its board has approved a stock repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Increases Dividend

The firm also recently declared 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 1.77%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is presently 44.09%.

Wall Street Analyst Weigh In

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