CIBC Private Wealth Group LLC Sells 82,600 Shares of Otis Worldwide Co. (NYSE:OTIS)

CIBC Private Wealth Group LLC decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,066,278 shares of the company’s stock after selling 82,600 shares during the period. CIBC Private Wealth Group LLC’s holdings in Otis Worldwide were worth $281,454,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in OTIS. Fortitude Family Office LLC raised its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC bought a new stake in Otis Worldwide during the fourth quarter valued at about $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $34,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth about $34,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Shares of NYSE:OTIS opened at $102.08 on Friday. The company has a 50-day moving average price of $98.69 and a 200 day moving average price of $98.68. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The company has a market cap of $40.48 billion, a price-to-earnings ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays boosted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $103.00.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last ninety days. 0.23% of the stock is owned by company insiders.

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.