Tyche Wealth Partners LLC Acquires New Shares in Otis Worldwide Co. (NYSE:OTIS)

Tyche Wealth Partners LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,255 shares of the company’s stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Otis Worldwide by 1.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,713 shares of the company’s stock worth $10,084,000 after acquiring an additional 1,280 shares in the last quarter. Sentry Investment Management LLC increased its holdings in shares of Otis Worldwide by 208.3% in the fourth quarter. Sentry Investment Management LLC now owns 7,365 shares of the company’s stock worth $659,000 after acquiring an additional 4,976 shares in the last quarter. Waldron Private Wealth LLC increased its holdings in shares of Otis Worldwide by 9.1% in the fourth quarter. Waldron Private Wealth LLC now owns 4,220 shares of the company’s stock worth $377,000 after acquiring an additional 352 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Otis Worldwide in the fourth quarter worth about $2,210,000. Finally, Crestwood Advisors Group LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth about $201,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on OTIS. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Finally, UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $94.29.

Otis Worldwide Stock Up 0.6 %

OTIS stock opened at $95.49 on Friday. The business has a 50 day moving average price of $96.03 and a two-hundred day moving average price of $88.73. The company has a market cap of $38.60 billion, a price-to-earnings ratio of 28.17 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the firm posted $0.75 earnings per share. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.42%. Otis Worldwide’s payout ratio is 40.12%.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 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.