Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Philadelphia Trust Co.

Philadelphia Trust Co. reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,399 shares of the company’s stock after selling 225 shares during the quarter. Philadelphia Trust Co.’s holdings in Otis Worldwide were worth $407,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Sterling Capital Management LLC raised its position in shares of Otis Worldwide by 51.3% in the 4th quarter. Sterling Capital Management LLC now owns 24,286 shares of the company’s stock valued at $2,249,000 after purchasing an additional 8,230 shares during the last quarter. Argent Trust Co increased its stake in Otis Worldwide by 7.9% during the 4th quarter. Argent Trust Co now owns 15,375 shares of the company’s stock valued at $1,424,000 after purchasing an additional 1,125 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Otis Worldwide in the fourth quarter worth $24,451,000. APG Asset Management N.V. lifted its stake in shares of Otis Worldwide by 428.6% during the fourth quarter. APG Asset Management N.V. now owns 286,527 shares of the company’s stock worth $25,626,000 after buying an additional 232,324 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $10,409,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 2.8 %

Otis Worldwide stock opened at $96.95 on Friday. The business’s 50-day moving average price is $99.03 and its 200 day moving average price is $98.78. The firm has a market cap of $38.44 billion, a price-to-earnings ratio of 23.88 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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%. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors has authorized a share buyback 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders 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 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide’s payout ratio is 38.42%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction 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 $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 a total of 112,281 shares of company stock valued at $10,747,553 in the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, Barclays upped their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.88.

Otis Worldwide 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.