Prudential Financial Inc. Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Prudential Financial Inc. lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 27.9% during the fourth quarter, Holdings Channel reports. The fund owned 217,541 shares of the company’s stock after selling 84,350 shares during the period. Prudential Financial Inc.’s holdings in Otis Worldwide were worth $20,146,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $102.73 on Thursday. The stock’s 50 day moving average price is $98.34 and its 200-day moving average price is $98.53. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock has a market capitalization of $40.73 billion, a PE ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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%. Research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.52%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on OTIS shares. Barclays lifted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $103.00.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 38,012 shares of the business’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 $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide 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.