Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Korea Investment CORP

Korea Investment CORP cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 270,723 shares of the company’s stock after selling 35,968 shares during the period. Korea Investment CORP’s holdings in Otis Worldwide were worth $25,072,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $34,000. Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the fourth quarter worth $34,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $37,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Wells Fargo & Company cut their target price on 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. JPMorgan Chase & Co. reduced their price target 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. Finally, Barclays raised their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $103.00.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $102.08 on Friday. The stock has a market capitalization of $40.48 billion, a price-to-earnings ratio of 25.14 and a beta of 1.05. The stock has a 50 day moving average of $98.69 and a two-hundred day moving average of $98.63. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued 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 negative return on equity of 31.76% and a net margin of 11.53%. Equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s payout ratio is 38.42%.

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.