Hartford Investment Management Co. Sells 479 Shares of Otis Worldwide Co. (NYSE:OTIS)

Hartford Investment Management Co. cut its position in Otis Worldwide Co. (NYSE:OTIS) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,655 shares of the company’s stock after selling 479 shares during the period. Hartford Investment Management Co.’s holdings in Otis Worldwide were worth $2,283,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Leavell Investment Management Inc. raised its holdings in Otis Worldwide by 15.2% in the fourth quarter. Leavell Investment Management Inc. now owns 2,484 shares of the company’s stock worth $230,000 after purchasing an additional 327 shares during the period. Summit Trail Advisors LLC raised its holdings in Otis Worldwide by 13.7% in the fourth quarter. Summit Trail Advisors LLC now owns 8,070 shares of the company’s stock worth $747,000 after purchasing an additional 971 shares during the period. Arlington Partners LLC raised its holdings in Otis Worldwide by 8.6% in the fourth quarter. Arlington Partners LLC now owns 41,882 shares of the company’s stock worth $3,879,000 after purchasing an additional 3,306 shares during the period. Wingate Wealth Advisors Inc. acquired a new stake in Otis Worldwide in the fourth quarter worth $135,000. Finally, Liberty Capital Management Inc. raised its holdings in shares of Otis Worldwide by 0.6% during the fourth quarter. Liberty Capital Management Inc. now owns 26,913 shares of the company’s stock worth $2,492,000 after acquiring an additional 171 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OTIS. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research lowered 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 report on Thursday, December 12th. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Up 1.3 %

Shares of OTIS stock opened at $97.99 on Friday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The firm’s fifty day moving average price is $94.83 and its two-hundred day moving average price is $97.09. The firm has a market capitalization of $38.85 billion, a P/E ratio of 24.13 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide announced that its Board of Directors has approved a stock repurchase program 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 programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction 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 a total of 105,621 shares of company stock valued at $10,046,255 in the last quarter. Company insiders own 0.23% of the company’s stock.

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.