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

Haverford Trust Co cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,178 shares of the company’s stock after selling 150 shares during the period. Haverford Trust Co’s holdings in Otis Worldwide were worth $202,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Fortitude Family Office LLC raised its stake in Otis Worldwide by 485.5% during 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 during the period. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth $33,000. Golden State Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $34,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $34,000. Finally, Truvestments Capital LLC purchased a new stake in Otis Worldwide during the third quarter valued at about $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company reduced their price objective 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. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, Barclays reduced their target price 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 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Price Performance

OTIS opened at $101.38 on Wednesday. The firm’s 50 day moving average is $98.13 and its 200-day moving average is $98.50. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The firm has a market capitalization of $40.20 billion, a P/E ratio of 24.97 and a beta of 1.05.

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

Otis Worldwide Announces Dividend

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

Otis Worldwide declared that its Board of Directors has approved a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last 90 days. 0.23% of the stock is owned by corporate insiders.

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.