Otis Worldwide Co. (NYSE:OTIS) Holdings Lowered by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 32.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 940 shares of the company’s stock after selling 458 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Otis Worldwide were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its holdings in shares of Otis Worldwide by 1.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 57,347 shares of the company’s stock worth $5,311,000 after buying an additional 843 shares during the period. Bartlett & CO. Wealth Management LLC boosted its stake in Otis Worldwide by 3.7% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 10,573 shares of the company’s stock worth $979,000 after purchasing an additional 373 shares during the period. Daymark Wealth Partners LLC grew its position in Otis Worldwide by 4.9% during the 4th quarter. Daymark Wealth Partners LLC now owns 7,886 shares of the company’s stock worth $730,000 after purchasing an additional 371 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. raised its stake in Otis Worldwide by 7.3% during the 4th quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 22,000 shares of the company’s stock valued at $2,037,000 after purchasing an additional 1,500 shares during the period. Finally, Ballentine Partners LLC lifted its holdings in shares of Otis Worldwide by 5.6% in the fourth quarter. Ballentine Partners LLC now owns 5,543 shares of the company’s stock valued at $513,000 after purchasing an additional 292 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.1 %

Otis Worldwide stock opened at $95.43 on Friday. The company has a market capitalization of $38.12 billion, a P/E ratio of 23.50 and a beta of 1.06. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33. The firm’s fifty day simple moving average is $95.91 and its 200-day simple moving average is $97.14.

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 analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. On average, equities research analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current 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 repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the business’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 sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wolfe Research downgraded 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. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average 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.