Bradley Foster & Sargent Inc. CT Sells 626 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bradley Foster & Sargent Inc. CT lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,643 shares of the company’s stock after selling 626 shares during the period. Bradley Foster & Sargent Inc. CT’s holdings in Otis Worldwide were worth $5,987,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Blue Trust Inc. grew its stake in shares of Otis Worldwide by 132.6% in the third quarter. Blue Trust Inc. now owns 3,107 shares of the company’s stock worth $299,000 after acquiring an additional 1,771 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Otis Worldwide by 21.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 11,426 shares of the company’s stock valued at $1,188,000 after purchasing an additional 1,981 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Otis Worldwide by 11,799.4% in the third quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock worth $21,533,000 after buying an additional 205,427 shares during the last quarter. Grimes & Company Inc. lifted its stake in shares of Otis Worldwide by 7.9% in the third quarter. Grimes & Company Inc. now owns 5,633 shares of the company’s stock worth $585,000 after buying an additional 413 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Otis Worldwide by 355.5% during the third quarter. Assenagon Asset Management S.A. now owns 274,876 shares of the company’s stock valued at $28,571,000 after buying an additional 214,535 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the company’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 transaction of $3,588,712.92. Following the completion of the transaction, 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. Insiders sold 105,621 shares of company stock worth $10,046,255 in the last three months. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $98.44 on Friday. The business’s 50-day moving average is $94.65 and its two-hundred day moving average is $97.25. The company has a market cap of $39.03 billion, a price-to-earnings ratio of 24.25 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33.

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

Otis Worldwide declared that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on OTIS shares. Wells Fargo & Company decreased their price objective 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, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. 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 report on Wednesday, January 8th. 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 report on Thursday, January 30th. Finally, UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

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.