First National Trust Co Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

First National Trust Co reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,488 shares of the company’s stock after selling 114 shares during the quarter. First National Trust Co’s holdings in Otis Worldwide were worth $230,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC raised its holdings in shares of Otis Worldwide by 485.5% during 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. Truvestments Capital LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth approximately $36,000. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, OFI Invest Asset Management purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $37,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS opened at $100.69 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm has a market capitalization of $39.93 billion, a P/E ratio of 24.80 and a beta of 1.05. The business has a 50 day simple moving average of $96.73 and a 200 day simple moving average of $98.08.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date 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 is currently 38.42%.

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

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a 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 report on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two 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’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction on Monday, February 10th. The stock was 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 in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Company 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.