CIBC Asset Management Inc Has $13.53 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

CIBC Asset Management Inc cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 146,138 shares of the company’s stock after selling 739 shares during the quarter. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $13,534,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. lifted 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 worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% during the third 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 shares of Otis Worldwide by 3,673.6% during the third 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 increased its position in shares of Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after purchasing an additional 904,157 shares during the period. Finally, National Bank of Canada FI increased its position in shares of Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $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.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $97.56 on Wednesday. The stock’s fifty day moving average is $94.64 and its 200-day moving average is $97.20. The stock has a market capitalization of $38.68 billion, a PE ratio of 24.03 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate 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, analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.60%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 over the last 90 days. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of a number of analyst reports. Wells Fargo & Company lowered their price target on 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. Barclays lowered 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. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. 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 analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.