Heritage Investors Management Corp Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Heritage Investors Management Corp cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,888 shares of the company’s stock after selling 699 shares during the period. Heritage Investors Management Corp’s holdings in Otis Worldwide were worth $2,212,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Arkadios Wealth Advisors purchased a new stake in Otis Worldwide during the third quarter worth $260,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Otis Worldwide by 3.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,576 shares of the company’s stock worth $2,762,000 after buying an additional 810 shares in the last quarter. Pinnacle Associates Ltd. boosted its holdings in Otis Worldwide by 9.8% during the third quarter. Pinnacle Associates Ltd. now owns 20,120 shares of the company’s stock worth $2,091,000 after buying an additional 1,788 shares in the last quarter. Diversify Wealth Management LLC boosted its holdings in Otis Worldwide by 12.9% during the third quarter. Diversify Wealth Management LLC now owns 6,280 shares of the company’s stock worth $646,000 after buying an additional 717 shares in the last quarter. Finally, HM Payson & Co. raised its position in Otis Worldwide by 0.5% during the third quarter. HM Payson & Co. now owns 569,506 shares of the company’s stock worth $59,194,000 after acquiring an additional 2,669 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.7 %

Shares of NYSE OTIS opened at $98.06 on Friday. The firm has a 50-day simple moving average of $94.97 and a 200-day simple moving average of $97.42. The stock has a market capitalization of $38.88 billion, a price-to-earnings ratio of 24.15 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 issued its 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTIS. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company reduced 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 research report on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by company insiders.

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.