Otis Worldwide Co. (NYSE:OTIS) Position Reduced by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,291 shares of the company’s stock after selling 9,285 shares during the quarter. Otis Worldwide accounts for 1.1% of Ipswich Investment Management Co. Inc.’s portfolio, making the stock its 28th largest position. Ipswich Investment Management Co. Inc.’s holdings in Otis Worldwide were worth $4,657,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the third quarter valued at about $29,000. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $33,000. Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide in the third quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on 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 approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. 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. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Barclays lowered their price objective 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. JPMorgan Chase & Co. cut 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, UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Two equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Down 0.6 %

Shares of Otis Worldwide stock opened at $98.44 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 $39.03 billion, a P/E ratio of 24.25 and a beta of 1.06. The business’s 50 day moving average is $94.65 and its 200-day moving average is $97.25.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has approved a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is presently 38.42%.

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.