Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Mitchell Mcleod Pugh & Williams Inc.

Mitchell Mcleod Pugh & Williams Inc. lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,902 shares of the company’s stock after selling 207 shares during the quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Otis Worldwide were worth $269,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. JPMorgan Chase & Co. raised its holdings 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 worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the last quarter. Franklin Resources Inc. lifted its holdings 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 purchasing an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after purchasing an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP raised 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 buying an additional 391,206 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on OTIS. Wolfe Research lowered 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. Barclays cut their price objective 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. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Up 1.7 %

Shares of Otis Worldwide stock opened at $94.76 on Tuesday. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The business has a fifty day simple moving average of $96.80 and a 200-day simple moving average of $97.29. The firm has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

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

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

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.