Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Blair William & Co. IL

Blair William & Co. IL trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 14.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,287 shares of the company’s stock after selling 3,556 shares during the period. Blair William & Co. IL’s holdings in Otis Worldwide were worth $1,971,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC boosted its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter worth about $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at about $34,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $34,000. Finally, OFI Invest Asset Management acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a 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 target price on the stock. in a report on Thursday, December 12th. Barclays lifted their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, March 26th. Finally, 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 research note on Thursday, January 30th. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $103.00.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business’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 directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were 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 owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Up 0.8 %

OTIS opened at $104.01 on Wednesday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The stock has a market cap of $41.24 billion, a PE ratio of 25.62 and a beta of 1.05. The business’s 50 day moving average is $99.03 and its 200-day moving average is $98.86.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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%. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced 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. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.50%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its board has initiated a stock buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is 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.