Otis Worldwide Co. (NYSE:OTIS) Stock Position Trimmed by Adirondack Trust Co.

Adirondack Trust Co. lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,973 shares of the company’s stock after selling 300 shares during the period. Adirondack Trust Co.’s holdings in Otis Worldwide were worth $183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. JPMorgan Chase & Co. raised 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 buying an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC boosted its stake in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the period. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $103.88.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $95.42 on Thursday. The stock has a market cap of $38.11 billion, a P/E ratio of 23.79 and a beta of 1.06. The stock has a fifty day moving average price of $96.48 and a 200 day moving average price of $97.25. Otis Worldwide Co. has a one year low of $87.57 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. Equities research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide declared that its Board of Directors has approved a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.