Otis Worldwide Co. (NYSE:OTIS) Holdings Decreased by Lee Danner & Bass Inc.

Lee Danner & Bass Inc. reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,983 shares of the company’s stock after selling 517 shares during the period. Lee Danner & Bass Inc.’s holdings in Otis Worldwide were worth $739,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of OTIS. Empowered Funds LLC grew its stake in Otis Worldwide by 10.1% during the 3rd quarter. Empowered Funds LLC now owns 7,286 shares of the company’s stock valued at $757,000 after acquiring an additional 668 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Otis Worldwide by 8.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 36,612 shares of the company’s stock valued at $3,805,000 after acquiring an additional 2,825 shares in the last quarter. Pathstone Holdings LLC grew its stake in Otis Worldwide by 1.3% during the 3rd quarter. Pathstone Holdings LLC now owns 47,282 shares of the company’s stock valued at $4,914,000 after acquiring an additional 604 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Otis Worldwide by 3.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock valued at $953,000 after acquiring an additional 318 shares in the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in Otis Worldwide during the 3rd quarter valued at about $676,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The shares were 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 trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on OTIS shares. Wells Fargo & Company lowered their target price 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 Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Finally, Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a 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 given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Down 0.9 %

Shares of OTIS stock opened at $100.97 on Friday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm has a market cap of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. The stock has a 50 day moving average of $97.73 and a 200-day moving average of $98.31.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

About Otis Worldwide

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.