Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 2,260 Shares of Otis Worldwide Co. (NYSE:OTIS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 84,937 shares of the company’s stock after selling 2,260 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Otis Worldwide were worth $7,866,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. lifted 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 valued at $774,863,000 after acquiring an additional 2,706,871 shares in the last quarter. Canoe Financial LP lifted its position in shares of Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after acquiring an additional 904,157 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after acquiring an additional 523,518 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Otis Worldwide by 11.9% in the third 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. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on OTIS. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. 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 research report on Thursday, December 12th. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction 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. This represents a 9.43 % 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, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $100.97 on Friday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock’s 50 day simple moving average is $97.73 and its two-hundred day simple moving average is $98.31. The company has a market cap of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its board has approved a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

About Otis Worldwide

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.