Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,131,543 shares of the company’s stock after selling 68,500 shares during the quarter. Swiss National Bank’s holdings in Otis Worldwide were worth $104,792,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $33,000. Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This represents a 11.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.1 %

Otis Worldwide stock opened at $100.69 on Friday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The firm’s 50-day simple moving average is $96.73 and its 200 day simple moving average is $98.04. The firm has a market capitalization of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has approved a share buyback plan 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 plans are often an indication that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Analysts Set New Price Targets

Several brokerages have commented on OTIS. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wells Fargo & Company decreased 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, Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.