Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Whittier Trust Co.

Whittier Trust Co. reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,909 shares of the company’s stock after selling 227 shares during the period. Whittier Trust Co.’s holdings in Otis Worldwide were worth $1,195,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fortitude Family Office LLC grew its stake in 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 acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $34,000. Finally, Truvestments Capital LLC bought a new position in Otis Worldwide during the third quarter worth $36,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OTIS shares. JPMorgan Chase & Co. dropped their target price 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. 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 research note on Wednesday, January 8th. 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. Finally, Wells Fargo & Company dropped their price target 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.88.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $100.97 on Friday. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The business’s fifty day moving average price is $97.73 and its two-hundred day moving average price is $98.34. The company has a market capitalization of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its board has initiated a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are 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.