Fiduciary Trust Co Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Fiduciary Trust Co grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,267 shares of the company’s stock after purchasing an additional 719 shares during the quarter. Fiduciary Trust Co’s holdings in Otis Worldwide were worth $3,729,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its position in Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock worth $48,960,000 after buying an additional 6,261 shares during the period. JPMorgan Chase & Co. increased its holdings 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 valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% in 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 last quarter. Wealth Enhancement Advisory Services LLC raised its position in Otis Worldwide by 4.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,796 shares of the company’s stock valued at $2,574,000 after purchasing an additional 1,220 shares during the last quarter. Finally, Ridgewood Investments LLC grew its position in Otis Worldwide by 43.7% during the 4th quarter. Ridgewood Investments LLC now owns 5,124 shares of the company’s stock worth $475,000 after purchasing an additional 1,558 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.3 %

Shares of NYSE OTIS opened at $97.06 on Friday. The stock has a market capitalization of $38.31 billion, a price-to-earnings ratio of 23.91 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The firm has a 50-day moving average price of $98.52 and a 200 day moving average price of $97.76.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the company earned $0.88 EPS. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is 44.09%.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $100.00.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,800 shares of company stock worth $3,588,044 in the last three months. Corporate 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.