First Manhattan CO. LLC. Sells 3,720 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Manhattan CO. LLC. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.2% in the 4th quarter, Holdings Channel reports. The firm owned 41,786 shares of the company’s stock after selling 3,720 shares during the period. First Manhattan CO. LLC.’s holdings in Otis Worldwide were worth $3,870,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in OTIS. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $337,000. Clarkston Capital Partners LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $8,743,000. Finally, Charles Schwab Investment Management Inc. increased its position in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after purchasing an additional 67,937 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Price Performance

NYSE:OTIS opened at $97.06 on Friday. The firm has a market capitalization of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01. The company’s fifty day moving average price is $98.52 and its 200-day moving average price is $97.72. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 prior year, the firm posted $0.88 EPS. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

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

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were 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. The trade was a 9.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,800 shares of company stock valued at $3,588,044. 0.23% of the stock is owned by insiders.

Otis Worldwide Company 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.