Flagship Harbor Advisors LLC Sells 182 Shares of Otis Worldwide Co. (NYSE:OTIS)

Flagship Harbor Advisors LLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 5.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,185 shares of the company’s stock after selling 182 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Otis Worldwide were worth $295,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide in the 3rd quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide in the 3rd quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

OTIS opened at $94.75 on Thursday. The business’s 50-day moving average price is $96.12 and its two-hundred day moving average price is $97.19. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The company has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 net margin of 11.48% and a negative return on equity of 31.28%. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on OTIS shares. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. 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 company. According to MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average price target of $103.88.

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.