Sandy Spring Bank Sells 1,276 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sandy Spring Bank cut its position in Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,788 shares of the company’s stock after selling 1,276 shares during the quarter. Sandy Spring Bank’s holdings in Otis Worldwide were worth $2,018,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Resonant Capital Advisors LLC raised its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after acquiring an additional 105 shares in the last quarter. Montis Financial LLC raised its holdings in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after acquiring an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after acquiring an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its holdings in Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group raised its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated 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 owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Finally, Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Down 0.8 %

Shares of OTIS opened at $101.90 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The business has a 50-day simple moving average of $97.52 and a two-hundred day simple moving average of $98.27. The stock has a market cap of $40.40 billion, a PE ratio of 25.10 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has approved a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s payout ratio is presently 38.42%.

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.