Otis Worldwide Co. (NYSE:OTIS) Holdings Trimmed by Simmons Bank

Simmons Bank reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,974 shares of the company’s stock after selling 375 shares during the period. Simmons Bank’s holdings in Otis Worldwide were worth $553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Arkadios Wealth Advisors acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $260,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Otis Worldwide by 3.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,576 shares of the company’s stock worth $2,762,000 after purchasing an additional 810 shares during the period. Pinnacle Associates Ltd. lifted its holdings in shares of Otis Worldwide by 9.8% during the third quarter. Pinnacle Associates Ltd. now owns 20,120 shares of the company’s stock valued at $2,091,000 after purchasing an additional 1,788 shares during the last quarter. Diversify Wealth Management LLC boosted its position in shares of Otis Worldwide by 12.9% in the 3rd quarter. Diversify Wealth Management LLC now owns 6,280 shares of the company’s stock valued at $646,000 after purchasing an additional 717 shares during the period. Finally, HM Payson & Co. increased its stake in Otis Worldwide by 0.5% in the 3rd quarter. HM Payson & Co. now owns 569,506 shares of the company’s stock worth $59,194,000 after purchasing an additional 2,669 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.7 %

Otis Worldwide stock opened at $98.06 on Friday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a market cap of $38.88 billion, a P/E ratio of 24.15 and a beta of 1.06. The company’s fifty day simple moving average is $94.97 and its 200-day simple moving average is $97.42.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate 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 expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note 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. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $102.88.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’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 value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company’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 of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

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.