Arizona State Retirement System Sells 1,846 Shares of Otis Worldwide Co. (NYSE:OTIS)

Arizona State Retirement System lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 1.6% during the 4th quarter, Holdings Channel reports. The firm owned 114,083 shares of the company’s stock after selling 1,846 shares during the quarter. Arizona State Retirement System’s holdings in Otis Worldwide were worth $10,565,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTIS. Proficio Capital Partners LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $193,000. M&T Bank Corp grew its holdings in Otis Worldwide by 1.7% during the 4th quarter. M&T Bank Corp now owns 187,161 shares of the company’s stock worth $17,333,000 after acquiring an additional 3,177 shares in the last quarter. Atria Investments Inc increased its position in Otis Worldwide by 21.2% during the 4th quarter. Atria Investments Inc now owns 13,149 shares of the company’s stock valued at $1,218,000 after purchasing an additional 2,304 shares during the period. Assetmark Inc. raised its holdings in shares of Otis Worldwide by 178.4% in the 4th quarter. Assetmark Inc. now owns 1,325 shares of the company’s stock valued at $123,000 after purchasing an additional 849 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Otis Worldwide by 21.6% in the 4th quarter. Victory Capital Management Inc. now owns 833,644 shares of the company’s stock worth $77,204,000 after purchasing an additional 148,297 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were 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 owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.2 %

OTIS opened at $102.59 on Friday. The firm’s 50-day moving average price is $95.67 and its 200-day moving average price is $97.71. The company has a market cap of $40.68 billion, a P/E ratio of 25.27 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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 31.76% and a net margin of 11.53%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.52%. Otis Worldwide’s payout ratio is presently 38.42%.

Analysts Set New Price Targets

OTIS has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company reduced their price target on 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. 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. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target 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.