Pacific Capital Wealth Advisors Inc. Buys Shares of 389 Otis Worldwide Co. (NYSE:OTIS)

Pacific Capital Wealth Advisors Inc. bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 389 shares of the company’s stock, valued at approximately $35,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its position in Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after buying an additional 2,390 shares in the last quarter. Stevens Capital Management LP increased its position in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after buying an additional 4,435 shares in the last quarter. International Assets Investment Management LLC increased its position in Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock worth $13,570,000 after buying an additional 150,563 shares in the last quarter. SG Americas Securities LLC increased its position in Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after buying an additional 74,030 shares in the last quarter. Finally, Smith Salley & Associates purchased a new stake in Otis Worldwide in the fourth quarter worth about $1,113,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.80 during trading hours on Tuesday, reaching $93.89. The stock had a trading volume of 1,674,324 shares, compared to its average volume of 2,016,293. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The company has a 50 day moving average price of $96.43 and a two-hundred day moving average price of $90.00. The stock has a market capitalization of $37.96 billion, a PE ratio of 27.14 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 39.31%.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction 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 transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on OTIS shares. Wells Fargo & Company cut their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, UBS Group lifted their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.86.

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.