New York State Teachers Retirement System Sells 13,384 Shares of Otis Worldwide Co. (NYSE:OTIS)

New York State Teachers Retirement System cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 304,303 shares of the company’s stock after selling 13,384 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Otis Worldwide worth $28,182,000 at the end of the most recent reporting period.

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

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $96.77 on Friday. The firm has a fifty day moving average of $94.77 and a 200-day moving average of $97.14. The stock has a market cap of $38.37 billion, a price-to-earnings ratio of 23.83 and a beta of 1.06. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 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, sell-side analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend 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 buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. 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. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Finally, Wolfe Research downgraded shares of 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 over the last three months. Company insiders own 0.23% of the company’s stock.

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.