Simmons Bank Has $553,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Simmons Bank trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,974 shares of the company’s stock after selling 375 shares during the quarter. Simmons Bank’s holdings in Otis Worldwide were worth $553,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in OTIS. Arkadios Wealth Advisors bought a new position in Otis Worldwide during the third quarter worth about $260,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Otis Worldwide by 3.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 26,576 shares of the company’s stock worth $2,762,000 after buying an additional 810 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Otis Worldwide by 9.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 20,120 shares of the company’s stock worth $2,091,000 after buying an additional 1,788 shares during the period. Diversify Wealth Management LLC boosted its stake in Otis Worldwide by 12.9% in the 3rd quarter. Diversify Wealth Management LLC now owns 6,280 shares of the company’s stock valued at $646,000 after buying an additional 717 shares in the last quarter. Finally, HM Payson & Co. grew its position in Otis Worldwide by 0.5% in the third quarter. HM Payson & Co. now owns 569,506 shares of the company’s stock valued at $59,194,000 after acquiring an additional 2,669 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wells Fargo & Company reduced their price target on shares of 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. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

OTIS opened at $98.06 on Friday. The company’s 50 day simple moving average is $94.97 and its 200-day simple moving average is $97.42. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The stock has a market capitalization of $38.88 billion, a P/E ratio of 24.15 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS 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%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.59%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The shares were 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 directly owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company’s stock.

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.