Trust Co. of Vermont Sells 266 Shares of Otis Worldwide Co. (NYSE:OTIS)

Trust Co. of Vermont lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,427 shares of the company’s stock after selling 266 shares during the quarter. Trust Co. of Vermont’s holdings in Otis Worldwide were worth $1,243,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the period. Van ECK Associates Corp increased its position in Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after purchasing an additional 2,201,988 shares during the period. Canoe Financial LP raised its holdings in Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after purchasing an additional 904,157 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after purchasing an additional 523,518 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Wolfe Research cut 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. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Stock Performance

OTIS stock opened at $94.76 on Friday. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The stock’s 50 day simple moving average is $96.80 and its 200 day simple moving average is $97.27. The company has a market cap of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. Equities analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Otis Worldwide announced that its board has initiated a stock buyback 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 generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by 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.