Anchor Capital Advisors LLC Sells 3,579 Shares of Otis Worldwide Co. (NYSE:OTIS)

Anchor Capital Advisors LLC decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 88,342 shares of the company’s stock after selling 3,579 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Otis Worldwide were worth $8,181,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. QRG Capital Management Inc. increased its position in shares of Otis Worldwide by 7.7% during the 4th quarter. QRG Capital Management Inc. now owns 44,077 shares of the company’s stock valued at $4,082,000 after purchasing an additional 3,139 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Otis Worldwide during the fourth quarter valued at $193,000. Oppenheimer & Co. Inc. increased its position in Otis Worldwide by 3.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 9,700 shares of the company’s stock worth $898,000 after buying an additional 337 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Otis Worldwide by 1.7% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 159,600 shares of the company’s stock valued at $14,781,000 after buying an additional 2,600 shares during the last quarter. Finally, DMKC Advisory Services LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth $1,863,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $98.06 on Friday. The firm has a 50 day simple moving average of $94.97 and a two-hundred day simple moving average of $97.42. The stock has a market cap of $38.88 billion, a PE ratio of 24.15 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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 expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value 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. The trade was a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 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 transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on OTIS. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. 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 price objective 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 on the stock. in a report on Thursday, December 12th. Finally, Barclays reduced their price target 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $102.88.

About Otis Worldwide

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.