Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Flputnam Investment Management Co.

Flputnam Investment Management Co. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,208 shares of the company’s stock after selling 173 shares during the period. Flputnam Investment Management Co.’s holdings in Otis Worldwide were worth $297,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. M&T Bank Corp grew its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares in the last quarter. PineStone Asset Management Inc. grew its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its stake in shares of Otis Worldwide by 297.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after purchasing an additional 9,979 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $100.64 on Tuesday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The business’s fifty day moving average is $95.24 and its two-hundred day moving average is $97.59. The stock has a market capitalization of $39.91 billion, a P/E ratio of 24.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its 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%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has approved a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Two research 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. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.88.

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.