Otis Worldwide Co. (NYSE:OTIS) Position Reduced by Whittier Trust Co.

Whittier Trust Co. reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,909 shares of the company’s stock after selling 227 shares during the period. Whittier Trust Co.’s holdings in Otis Worldwide were worth $1,195,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in OTIS. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Golden State Wealth Management LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $34,000. Flagship Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth about $34,000. Finally, Truvestments Capital LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth about $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last quarter. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

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

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.97 on Friday. The stock has a market capitalization of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05. The business has a 50-day moving average of $97.73 and a two-hundred day moving average of $98.34. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.

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%. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) 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.