Corient Private Wealth LLC Has $18.20 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Corient Private Wealth LLC trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the fourth quarter, Holdings Channel reports. The fund owned 199,108 shares of the company’s stock after selling 8,411 shares during the period. Corient Private Wealth LLC’s holdings in Otis Worldwide were worth $18,203,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Canoe Financial LP grew its stake in Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after acquiring an additional 904,157 shares during the period. National Bank of Canada FI grew its stake in Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after acquiring an additional 523,518 shares during the period. Finally, Wellington Management Group LLP grew its stake in Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $101.55 on Wednesday. The company has a market capitalization of $40.27 billion, a P/E ratio of 25.01 and a beta of 1.05. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The business’s 50 day simple moving average is $97.10 and its 200 day simple moving average is $98.21.

Otis Worldwide (NYSE:OTIS) last issued its quarterly 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, sell-side analysts anticipate 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 buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors 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 yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, 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 value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on OTIS. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Finally, Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note 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 data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $102.88.

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.