Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 1.2% during the fourth quarter, Holdings Channel reports. The fund owned 29,484 shares of the company’s stock after selling 349 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Otis Worldwide were worth $2,730,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of OTIS. 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 worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Franklin Resources Inc. grew its position in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp grew its position in Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Canoe Financial LP grew its position in Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after buying an additional 904,157 shares in the last quarter. Finally, National Bank of Canada FI grew its position in Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after buying an additional 523,518 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

NYSE:OTIS opened at $99.78 on Friday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a 50-day moving average of $95.10 and a 200-day moving average of $97.47. The firm has a market cap of $39.56 billion, a price-to-earnings ratio of 24.58 and a beta of 1.06.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its board has initiated a share repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wolfe Research lowered 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 report on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company 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 assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $102.88.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 over the last ninety days. 0.23% of the stock is currently owned by company 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.