Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. cut its position in Otis Worldwide Co. (NYSE:OTIS) by 16.1% in the fourth quarter, Holdings Channel reports. The firm owned 4,270 shares of the company’s stock after selling 817 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Otis Worldwide were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in OTIS. CWM LLC boosted its position in shares of Otis Worldwide by 1.0% in the 3rd quarter. CWM LLC now owns 17,727 shares of the company’s stock valued at $1,843,000 after purchasing an additional 181 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Otis Worldwide by 254.8% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,112 shares of the company’s stock valued at $323,000 after purchasing an additional 2,235 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares during the period. CHICAGO TRUST Co NA boosted its position in shares of Otis Worldwide by 21.6% in the 3rd quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock valued at $278,000 after purchasing an additional 475 shares during the period. Finally, Wesbanco Bank Inc. boosted its position in shares of Otis Worldwide by 3.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock valued at $3,604,000 after purchasing an additional 1,262 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company decreased their price objective 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. Barclays decreased 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. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Up 1.2 %

Shares of OTIS stock opened at $95.99 on Tuesday. The company has a market cap of $38.06 billion, a price-to-earnings ratio of 23.64 and a beta of 1.06. The stock has a 50 day simple moving average of $95.03 and a 200-day simple moving average of $97.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued 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%. On average, equities analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has authorized a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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.