Sawgrass Asset Management LLC Sells 5,134 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,371 shares of the company’s stock after selling 5,134 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Otis Worldwide were worth $7,536,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Otis Worldwide in the 4th quarter valued at $334,000. Values First Advisors Inc. grew its stake in Otis Worldwide by 104.4% in the 4th quarter. Values First Advisors Inc. now owns 3,381 shares of the company’s stock valued at $313,000 after purchasing an additional 1,727 shares during the period. Leavell Investment Management Inc. grew its stake in Otis Worldwide by 15.2% in the 4th quarter. Leavell Investment Management Inc. now owns 2,484 shares of the company’s stock valued at $230,000 after purchasing an additional 327 shares during the period. Summit Trail Advisors LLC grew its stake in Otis Worldwide by 13.7% in the 4th quarter. Summit Trail Advisors LLC now owns 8,070 shares of the company’s stock valued at $747,000 after purchasing an additional 971 shares during the period. Finally, Arlington Partners LLC lifted its position in shares of Otis Worldwide by 8.6% during the 4th quarter. Arlington Partners LLC now owns 41,882 shares of the company’s stock valued at $3,879,000 after buying an additional 3,306 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays dropped their price target 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. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. 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. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently 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 38,012 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % 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 worth $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.1 %

Otis Worldwide stock opened at $96.78 on Thursday. The firm has a market cap of $38.38 billion, a price-to-earnings ratio of 23.84 and a beta of 1.06. The stock has a fifty day simple moving average of $94.85 and a two-hundred day simple moving average of $97.08. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given 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 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its board has approved a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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.